Accelerating Compliance & the API Economy with Open Banking & PSD2
Banks and financial services providers are under significant pressure to innovate and deliver better digital offerings to their customers.
The challenge for banks is that they are hamstrung by legacy technology, legacy ways of working, and a complex and heavyweight regulatory landscape. This prevents them from innovating with the speed and agility of the fintech startups who are currently circulating the banks and looking to eat their lunch!
And it's about to get worse.
Two critical regulations are coming into force which have the potential to exacerbate this even further: Open Banking and PSD2 are British and European legal regulations that will ensure that banks' data is opened up to their customers over internet accessible APIs, and then made shareable with other parties such as startup fintech providers or new market entrants.
This is a huge change in regulatory landscape, which potentially places banks at risk of serious or even existential disruption. Once data is opened up in this way, these new providers or market entrants can build better digital experiences in front of the banks' platforms, reducing the bank to just a utility or commodity provider who loses the front-end relationship with the customer, and therefore the ability to cross-sell or upsell.
DevOps & Cloud
We believe that new ways of working including product aligned teams, DevOps and agile delivery, and cloud based infrastructure and middleware can help to rapidly accelerate compliance with the Open Banking agenda. Done well, this has the potential to turn the API Economy from an existential threat into a revenue generating opportunity.
This whitepaper tells you how.
Accelerating Compliance & the API Economy with Open Banking & PSD2 covers the following:
- Introduction to Open Banking & PSD2
- Open APIs in the financial industry
- Impact on banks' strategy
- How to transform your business
- How to transform your technology
- Managing risk succesfully
- How DevOps accelerates compliance and the API economy
- Why cloud computing is the optimal way to turn APIs from a threat into an opportunity