Amongst survey respondents,
payments APIs are still seen as
having the greatest potential value
for open banking (prioritized by
67% of respondents). Other product
categories highly valued as having
strong open banking potential
included account information APIs
(58%), credit scoring (47%), business
intelligence and customer profiling
(44%), transfers (44%) and loans
(33%).
While the majority of survey
respondents (44%) believed that
banks should focus on more
product APIs, almost a quarter of
respondents felt better relationships
with fintech should be a priority
(24%) while 16% felt that the focus
should be on improving existing open
banking API products.
Open APIs with most potential for open banking (N=64)
Payments
Customer profile/Business intelligence
Big data on anonymized transactions
Transaction/account history
Transfers
Risk management analysis
Credit scoring
Loans
Exchange rates
Account switching
Insurance
Location of ATMs/Branches
Modify bank card limits
Stock market prices
Asset management
External market/data information
Other
Small business loans/lines of credit
0 20 10 30 40 50
SLAs for third party providers 3.2%
44.4% More product APIs
more partnerships with fintech 23.8%
Better quality of
existing APIs
5.9%
More security of APIs
9.5%
More AI/ML 3.2%
What do you think banks need to work on
next? (N=63)
30
State of the Market report 2018
