Open Banking
APIs are creating new banking systems that allow fintech startups to offer citizens and businesses new services. How well are new open banking systems doing at creating ecosystems of stakeholders? Are businesses, citizens and the financially underserved better off with new open banking opportunities?

By the end of 2018, there were 64 open banking platforms around the globe, growing at an annual rate of 73%. Asia Pacific and Europe were the fast growing regions.
Platformable is currently finalising data for the 2020 Open Banking: State of the Market Report. You can contribute! Answer our survey on how open banking impacts on you. As you answer, you will be directed to sections relevant to your participation, depending on whether you work within banks, fintech, the API industry, or if you are a citizen or business that uses open banking products. All answers are confidential and anonymous.
Open Banking: Who Wins?
In Europe, the Second Payments Services Directive (PSD2) has encouraged banks to open APIs. This has heralded a new range of fintech products that support businesses and citizens to build their wealth and access a broader range of financial services.
The European model is now being pursued around the globe. Some governments – including the UK, Australia, Canada, Israel, Singapore, Mexico and Japan – are introducing new regulatory models that insist banks open their services (securely and with consumer consent) to third parties, such as fintech startups. In other countries, like the United States, banks themselves see the opportunities of open banking and are opening APIs to create new digital finance ecosystems.
But who is benefiting from this new open banking activity?
Platformable's 5 Wins data model measures the impacts of open banking APIs on five key stakeholder groups:
- Banks themselves: Are they benefiting from new business model opportunities?
- Fintech: Are they able to enter new markets and offer banking customers new services and products?
- Consumers: Do citizens and businesses have greater access to new financial services in a way that helps them build their wealth?
- The underserved: Do new open banking models invite in those marginalised populations who had previously been locked out of wealth-creation and financial management opportunities?
- The API industry: Is open banking help to mature and develop new API tools and products that can benefit all industry?

Platformable's data model also looks at the enablers that can facilitate open banking:
- Regulation: Are regulatory approaches balanced with appropriate controls to ensure the safety of citizen and business finance while also encouraging innovation?
- Developer experience (DX): Are banks and fintech focused on creating great developer experiences that make it easy to integrate with open banking APIs to build innovative products and services?
- Standards: Are the banking and financial services industries using agreed standards to speed up product development and allow fintech and other market entrants to scale successfully?
- Security: Are new open banking systems secure? How are data breaches being managed?
Platformable's Open Banking Product Range
Platformable's 5 Wins data model is used to create products including:
- Annual State of the Market report: Download the 2019 report. 2020 will be released on 1 May 2020.
- Quarterly Trends reports: Available on subscription to banks, fintech, and the API industry detailing how banks are creating platforms with APIs, what the business models are, which bank APIs are available, how banks are innovating on developer experience, and what products are being built.
- API Dashboard: Check out our dashboard looking at how digital finance service provider APIs are generating financial inclusion products and services in Africa, South East Asia and Latin America. New platform intelligence dashboards for banks are coming soon for quarterly trends subscribers.
- API strategy tooling: Platformable has generated a range of products specifically built for banks looking to open APIs. Products include automated templates that support product managers and engineers to work together, tools to analyse ecosystem participation, and metrics systems to calculate the value generated from open APIs.


