London, 15 May 2019– Banks around the globe struggle between the need to open their systems to external partners and clients via application programming interfaces, and the business imperative to not lose control of the user interaction with their clients. By partnering together in consortia-based platforms, financial institutions can harmonize their different legacy and proprietary API standards, shifting competition from holding the relationship with the client to servicing the client by delivering API-based products and services.
This 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.
This 30-page Impact Report contains 13 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.