Banking APIs – Disruptive threat or innovative opportunity
Highly popular as a means to create open environments and easy data sharing with consumers and businesses – APIs are now everywhere. Also in Banking, APIs are being rolled out at high speed, and in some regions even promoted through local regulations such as PSD2. However, open Banking APIs are also clearing the field for new entrants. How will banks cope with this potentially disruptive change? Will large social media networks, e-commerce platforms or online payment systems disintermediate banks? Or will banks be able to bring brand new services and increased convenience through this technology and new partnerships? In short, will APIs in Banking be a business-threat or a must-have in order to survive and grow?