The latest Aite Group report finds that banks will likely adopt a consortia structure to leverage and monetize an open banking strategy.
London 15 May 2019 — Banks around the globe struggle between the need to open their systems to external partners and clients via application programing interfaces, and the business imperative to not lose control of the user interaction with their clients. Corporate Banking API Strategies and Monetization, Aite Group’s new report, anticipates that bank consortia will represent the structure that banks will adopt to leverage and monetize an open banking strategy. Open banking levels the playing field between traditional incumbent financial services providers and new disruptors, but corporate banks still lead in market expertise and business services delivery.
“Banks will need to partner together in consortia-based platforms to harmonize the different legacy and proprietary API standards while regaining a collective control of the business relationship with the clients they are now at risk to lose,” explains Enrico Camerinelli, senior analyst at Aite Group.
This new Aite Group report captures bank executives’ perspective on how the API market is evolving, reviews the possible revenue models for APIs, and discusses how organizations are addressing the needs of corporate clients. Between January and February 2019, Aite Group reviewed documents and papers published by major international banks that described their open banking and API strategies and offerings, and interviewed over 20 representatives from those banks and from other institutions.
To request a press copy of this report or to speak with Enrico Camerinelli about this topic, please contact us at firstname.lastname@example.org.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.