Helping your users co-create the value they need

Q4 2020

Trends Report

(October - December 2020)


Key takeaways from Q4 2020

If you work for Banks

Open banking infrastructure is now in place globally. While some markets are just ramping up, it is no longer the time to do the regulatory minimum. Banks have invested in digitisation. If you work within banks, you should be considering how to test new digital business models with your APIs. You should have a roadmap that goes beyond the APIs that are required for regulation.

If you work for Fintechs

Think beyond building generic fintech services with bank APIs. Focus in on one customer segment and think about truly innovative products that offer niche services to this audience. Expand out from there when you understand what works. The world doesn't need another another budget app.

If you work for Consumers

Insist that open banking provide truly diverse products. Where are the cashflow optimization apps for small business? Where are the products for adult family members caring for their ageing parents? What data can be shared by banks and regulators to explain how consumers are benefiting (or not) from open banking?

If you work for Underserved

Help insist that national and international data collection methods on business registrations and on lending patterns are able to be disaggregated to identify whether open banking is benefiting all members of society. Check if new fintech offerings in low and middle income countries are extracting data (and value) to companies operating in high income countries.

If you work for API Industry

Incorporate standards like API specificatuion formats and bank and finance API standards into your tooling so that it is easier to build new products and services. If you work with banks and fintech, encourage sharing of data points that describe the value that is being generated from new open ecosystems.

If you work for Enablers

We have identified four key enablers that support the growth of the open banking and open finance ecosystem. Read abnout how regulations, standards, security and focusing on Developer eXperience (DX) can help all stakeholders to co-create and share value.