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axway.com
The future of digital banking is wide open, and powered by APIs
Traditionally, banks owned the customer relationship, from start to finish.
Every service — from payments and loans to cash management and payroll
— was handled entirely by the bank's internal systems. The threat for
disintermediation was low to nil, as access to customer accounts and data
was safely locked away in the back office.
Today, there is a seismic shift underway as the industry moves from a closed
banking environment to one that is open, shared, and ecosystem-driven
— leveling the playing field for new entrants and opening the door to rapid
innovation and heightened competition.
APIs that connect internal systems and data with new digital experiences are
at the heart of this transformation.
Behind the scenes, a combination of unstoppable and disruptive forces —
evolving regulations, advancing technology, and growing competition — are
in motion, all underpinned by the push to improve the customer experience.
Service Providers
Customers
Devices
Banks Telco
Government
Closed access,
limited data sharing
Open banking,
common APIs, co-creation
API
