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Introduction

The UK has finalized the initial set of APIs that will be used by the country's nine largest banks under the Open Banking initiative, kick-starting a revolution in the way consumers and corporates interact with banks.

Highlights

  • While all banks see APIs as an important part of their strategy, Ovum data shows that corporate banks are more active in development, with 83% agreeing or strongly agreeing that they are developing APIs for third-party access compared with 73% on the retail side.

Features and Benefits

  • Learn why corporate banks are more optimistic about APIs.
  • Learn how large corporate banks such as Citi and Standard Chartered are looking to use API developments to increase their competitiveness through collaboration with third parties.

Key questions answered

  • What are the differences between the requirements of the UK Open Banking project and the European PSD2, and why do they matter?
  • What are the global attitudes to API adoption among banks?

Table of contents

Ovum view

  • Summary
  • Retail banking is the tip of the API iceberg
  • Banks are looking to benefit by building on the basics
  • To properly compete, banks will have to cooperate

Appendix

  • Further reading
  • Author

Have any questions? Speak to a Specialist

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