Issue link: https://recursos.axway.com/i/1321495
26 Open Banking APIs State of the Market Report 2020 FINTECH USING OPEN BANKING APIS CAN BENEFIT EVERYONE By opening APIs, banks can offer their own customers a more wide range of personalized, niche products that suit all of their customer segments. Banks have legacy infrastructure that they are adapting to an API-enabled architecture, in which the role of APIs is to enable new experiences to be built on top of the legacy functionalities of banks (like payments, lending and account management). Fintech can build slick, user-centered apps and products for each segment faster than a bank can provide them. This can help banks maintain their customer base, as customers do not need to switch away from the bank to make use of the latest fintech: they can just connect their bank account to the new service they want to use. Over time, banks could also observe what fintech their customers were integrating most often and linking to their bank accounts so that they could better understand their customer fintech needs. THE OPEN BANKING FINTECH ECOSYSTEM MIDDLE EAST & AFRICA US & CANADA ASIA PACIFIC 149 1 81 EUROPE & SCANDINAVIA 182 LATIN AMERICA UK 152 4 NUMBER OF GLOBAL FINTECH KNOWN TO BE USING OPEN BANKING APIS (N=569) Fintech METHODOLOGY: Platformable reviews all accredited fintech in Australia, Bahrain, Europe, Hong Kong, Mexico, New Zealand, Singapore, and UK and tallies fintech that have stated they use open bank APIs in other jurisdictions to calculate the total number of fintech actively using open banking APIs.