New tool: Open Banking Value

Introducing the Open Banking Value Tool by Platformable.

One of the key challenges facing API Leads, Innovation Managers, and other Open Banking and Open Finance advocates, is the need to demonstrate the value that open banking and APIs generate. Often, these organisational leaders understand the value of moving to an API-first approach and a platform-mindset, but need to convince other internal stakeholders of the benefits, beyond using marketing-speak and general claims of eventual improvement. 

We understand there are multiple benefits from open banking: different types of value (revenue generation, partnership growth, cost efficiencies) or benefits for end users and ecosystem stakeholders such as API consumers of an API provider's products, and we know that what works in one region of the world might not be a good example to point to for a business operating somewhere further afield.

Often the data to prove the value is locked away in unstructured data formats: in case studies, conference presentations, and online interviews with Technical Leads. At Platformable, we research and map these examples of success against what type of value is being described, who is benefiting ,and where in the world they are located. Where clear data points are described to show the benefit, we add them to our datasets.

We have now used that dataset to create the Open Banking Value Tool. This free resource provides the data points that you need to show your peers when encouraging an investment in APIs for open banking or open finance. We have summarised the case study, but we also provide links to the source documents. Each case study tile has an easy-slide generator button so that you can select the most compelling cases for you and create your own slide deck (in Google Slides if you are logged in to your account, or available as a download in a variety of formats, if not).

We will be adding more case studies, in the future, and will followup with a post describing the value model taxonomy we are using to categorise the existing library of examples. We'd also love to hear from you if you have a case study you would like added. It must have clear, quantified benefits that can be described. If so, please contact us. (Feel free to also reach out with any other feedback.)

If you find this tool useful, consider subscribing to our revamped Open Banking/Open Finance Quarterly Trends Reports which dig deeper into a vast range of data points on the sector globally.