Bank Innovation and the Open Bank Project will undertake a research survey to better understand how banks worldwide are prioritising API initiatives and why. “We intend for the query to uncover the drivers behind the banking industry’s current API practices.” – bank Innovation said.
The Open Bank Project is an open source API and App store for banks that empowers financial institutions to securely and rapidly enhance their digital offerings using an ecosystem of 3rd party applications and services.
“The query is digital and we invite industry participants to share their perspectives on APIs.”
APIs in banking are growing in importance yet many questions surrounding their emergence remain unclear. This research, led by the Open Bank Project, the leading API for banks and Bank Innovation, the global fintech blog, aims to understand how banks worldwide are prioritising API initiatives and why. “We want to query the market to uncover the drivers behind this trend.”
Results of the query will be published on Bank Innovation, as well as analyzed by the Open Bank Project. Responses will remain anonymous.
Like online banking today, every financial institution will offer an API tomorrow. According to Gartner, by 2016, 75% of the top 50 global banks will have launched an API platform and 25% will have launched a customer-facing app store. The open bank project equips these institutions with the right technology and expertise to embark on the open banking journey.
The Open Bank Project API abstracts away the differences in banking systems and provides a uniform technical interface so that software developers can easily build secure services on top of the bank.
(image credit: Jason Bakes)