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APIs are a huge enabler of Open Banking ecosystems, facilitating both efficient exchange of data between participants and a variety of offerings on third-party/ non-banking channels. In the latest EFMA Infosys Finacle Innovation in Retail Banking Study, financial institutions said Open Banking APIs will have moderate to very high impact on banking business in 20212. The numbers speak for themselves – in the first two quarters of 2020, Open Banking API platforms globally grew 49 percent QoQ 1. Two factors are supporting this growth – first, a regulatory push in many countries and second, the proliferation of open APIs. The early days of Open Banking saw limited information sharing and little else today, as participants gain in compliance and confidence, they are offering a wide portfolio of offerings, including credit, payment and accounting solutions, with plans to introduce savings and investment products as well. And this is just one of the many forces driving an accelerated adoption of Open Banking that has made it a key transformational lever of our world today.Īlong with this growing appetite for Open Banking, the scope of Open Banking has also enlarged in recent times.
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By authorizing their banks and various other institutions to share their data with third-party providers in real-time, the borrowers are able to tap a wider supply of credit on more favorable terms. For instance, in Covid’s devastating aftermath, many beleaguered borrowers – especially small businesses and individuals – have found the Open Banking ecosystem to be an easier source of credit. However, in the wake of the pandemic, there has been a definitive and rapid uptake of open banking approaches and adoption globally. While the concept of Open Banking has been around for some years, the industry mostly espoused it for the sake of regulatory compliance. The article highlights how the proliferation of API-led possibilities has led to a tremendous potential in shaping up the new open banking business models in the banking industry.īy Sanat Rao, Chief Business Officer and Global Head – Infosys Finacle Sanat Rao, Chief Business Officer and Global Head – Infosys Finacle