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Application programming interfaces, which are a set of rules facilitating the connection of two separate software applications for data sharing purposes, are a growing tool of use in the arsenal of banks joining the open finance movement.
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This preview of American Banker research, sponsored by Akoya, is a small portion of a much larger data set available to subscribers.
Top questions answered in the research
- What stage of the open finance adoption cycle are banks and credit unions currently in?
- What methods do financial institutions use to allow third parties to access customer account data?
- What challenges are stopping institutions from furthering open finance adoption?
- Do institutions feel confident in their current API practices?
- Are open finance initiatives as important to institutions as it may seem?
- Are respondents leading the way or falling behind when it comes to open finance adoption?
Key takeaways
- Most respondents are currently in the assessment or strategy development stages of open finance adoption plans.
- Many respondents either depend solely on APIs for sharing data with third parties, or can use APIs or screen scraping depending on the third party.
This two-part series dives into the data using interactive charts broken out into these main themes: the organizational significance of open finance and building the framework for open finance.
- Part one:
Are banks welcoming open finance with open arms? - Part two: Coming soon
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