The latest edition of the INNOPAY Open Banking Monitor shows that existing players in the financial industry are stepping up their game and providing interesting Open Banking product propositions. Meanwhile, new banks are entering the arena.
In response to the rising demand for open, embedded finance, financial institutions are increasingly offering white-label and (co-)branded financial services that other companies can integrate into their value propositions for their customers. This is also known as Banking as a Service (BaaS).
This year’s edition of the Open Banking Monitor provides strategic insights into how financial institutions have progressed on their BaaS journey and product offering.
The key findings at a glance:
1. Competition is intensifying
Existing players are stepping up their game by providing a comprehensive developer experience and API propositions. Meanwhile, new banks are entering the arena.
2. Growing API product offering
There is a trend towards banks offering more APIs across various products and services, indicated by a 17% increase in APIs offered per bank.
3. Improved developer experience
The average developer experience score has risen by 11%, indicating that banks offer more features to improve the developer experience for integrating with their APIs.
Banks that want to stay ahead of the pack and create sustainable value with Open Banking will need to get 7 key building blocks right.