13/07/2021
βIβm not saying that delivering an API strategy is easy β I know from my experience of launching Temenos MarketPlace how hard and expensive it is. However, my two main concerns for banks are:
β’ They are losing customer engagement (and with it the ability to cross sell) to many fintechs like , and .
β’ They are not seeing or realising the monetisation opportunities from Open Banking. For example, there are already fintechs providing paid-for services enabled through APIs for KYC, credit checking and affordability validation.
I guess what I am saying is that a well-executed API strategy is a significant opportunity to protect and grow your customer base. However, a poor API strategy could cost you customers and a loss of revenue, and it is not something that can be rectified easilyβ CEO of , which focuses on the experience for households, and an investor and mentor in proptech and fintech said.
βDo you agree with him? How to execute API strategy well? Talk to Bank-API.net of 101Digital PTE LTD
π Bank-API provides you with ready-to-use Open Banking APIs and Apps that can be used immediately, making it simple to not only implement Open Banking, but also to partner with FinTechs who want to use the Bank's APIs to create value added services. Visit us at: https://www.openbankingdirectory.io/view/bank-api
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