Open Banking and APIs in Asia: Lessons From the Industry
Both regulatory and competitive forces have been making Open Banking a new reality across the region. Banks are now realizing that if they want to keep their existing customers, acquire new ones, and play a greater role in their customers’ lives then they must become more customer focused, while offering a broader range of digital products and services. To do this effectively, banks will no longer be able to be vertically integrated institutions and will be required to shift to a distributed Open Banking model to collaborate with third parties. Such a model requires APIs, the digital ports that enable communication between services.
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