Pymnts writes a new article exploring how APIs “have become a vital tool in the financial industry’s competitive arsenal.”
The website says that one of the most significant API-fueled trends is open banking, in which banks offer companies access to consumer transactions and sensitive financial data with consumers’ consent.
And while privacy concerns are real for some consumers, the website states that more than half of global FIs in a recent report still see open banking as a “must have” for their organizations.
Further, the website notes, “ninety-seven percent of FIs that have already integrated open banking into their operations, said it has added value to their business, with core benefits including the delivery of new services, improving user experience and attracting and retaining customers.”
This article was written by PYMNTS and originally published on PYMNTS. A subscription may be required.
