Dylan June 26, 2017 Understanding APIs in Banking – 2017 Report We are excited to share with you our annual report “Understanding APIs in Banking 2017” which will also be released at Money2020 Europe in Copenhagen (June 26-28). This important publication highlights trends and key drivers behind worldwide Open Banking initiatives. 211 leading executives from the financial services industry contributed to the survey leading to this report, helping us better understand how financial institutions around the world are prioritizing API initiatives, what works and what does not. For the first time since we started this survey, more than half of the respondents (52.4%) stated that they consider launching an open or partner- only API initiative in the 12 months (compared to 39% last year). This is important as it signals that Open Banking is gaining a wider acceptance in the industry. Our analysis of the data shows that public awareness of new technologies drive an increase in financial institutions’ initiatives for delivering innovative new apps, products, and services to customers. This means, if we want to build on Open Banking momentum, we have to continue engaging with the wider public and make our story compelling for the everyday user, not just techies and bankers. Regulatory pressure has a definite impact as well. There is a stark difference between banks in the EU (where PSD2 is a mandate) and elsewhere. European banks seems better prepared with a certain appetite to innovate further. Interestingly, the main barrier toward an Open Banking reality remains the banks’ corporate culture for 52.6% of respondents. However, this is a significant decrease from last year, where 69% of participants mentioned corporate culture as the main obstacle. This might mean that the education work the ecosystem is doing (notably hackathons, training, events…etc) is bearing fruits. We need to intensify these efforts if we want Open Banking to breakthrough. We also explore what would an ideal Open Banking initiative look like. How many APIs to be expected, what sort, how do we measure success…It is fascinating to see the industry converging on all these questions. Get more details with your copy of the report, available below. Many thanks to all of you who took the time to answer the questionnaires, and kudos to Bank Innovation and Warwick Business School who led this project with us and our partners who helped spread the word. Happy reading and looking forward to your feedback! Download report Now