Issue link: https://go.axway.com/i/1137349
Do you have a public developer portal? (N=63) Developer engagement Overall, banks are at the early stages of open banking platforms for external developers. Given the banking executive interviews and discussion of microservices orientation, it is perhaps unsurprising that just over half of all survey respondents (54%) have advanced sufficiently to offer an open API developer portal. Often the talk of open banking platforms suggests that progress is much further ahead than is currently the case. While many banks are investigating opening APIs, it is still very much early days for the majority. Even some of the most advanced API platforms only make APIs available in sandbox testing environments. Those that are ready to onboard third parties often move those third party developers into more traditional partner arrangements. Banks are yet to build common pricing and business models for their APIs and pricing is often discussed privately with partners as their individual production level access is granted. "We are testing business models, but it is not about the pricing model itself, it is more about which frictions in the market could we get rid of, and how much would that be worth," said one banking executive. "We are using design thinking processes with potential retail customers. And it is the same with corporate: what are the frictions their customers have, where can we help them improve, and what it is worth to them?" Another said: "APIs are bringing in a lot of industry fragmentation. We need to build new business models, but that is a shift that will take awhile." A third banking executive agreed: "Really, we are not at the point of validating the model for pricing. At the moment, the APIs we are working with are mostly for private, internal use." No 46% 54% Yes 31 develOpeR engagemenT