Issue link: https://recursos.axway.com/i/1321495
48 Open Banking APIs State of the Market Report 2020 2020 has changed the economic and societal landscape around the globe in a matter of months. While the digital era has been upon us for over a decade, this year alone has propelled forward the digital transformation agenda faster than many enterprises - including banks - have previously been prepared to accept. Indeed, "digital transformation" is no longer just a desirable goal of business reorientation. We truly live in an Age of Transformation. The move to digital is an imperative, but so too are the mindset changes that are needed to drive success in the world emerging around us. COVID-19 has swept across the globe and accelerated many of the economic shifts that were playing out in global markets. Chief among these shifts has been the consolidation of power amongst tech giants and the erosion of small businesses, but it also includes the burgeoning consumer demand for digital and mobile contactless finance. Next, our societies must face other climate crisis impacts that await us even before COVID-19 is resolved. Like COVID, climate impacts will bring greater demand for remote financial management, changing consumption patterns, and a further evolution in how we engage in our workplaces and in our cities. Open banking can be the financial infrastructure that underpins our ability to address many of these challenges. Never before has society's digital capabilities been so prepared to help us face these emerging societal and economic threats. We have the technological expertise to reorient our financial management systems, but what is needed is a new collaborative mindset that recognizes that no one provider can work in isolation. We need ecosystems of partners to solve the complexities of the Age of Transformation. Individuals, households, small and medium businesses, and larger enterprises all expect to connect with a range of product suppliers and services that help them manage their needs. Customers of all types understand that they are accessing a range of bundled services, but they want to be able to knock on just one door and have their problems met and solved seamlessly. But by and large, banks There are many external challenges facing our societies and economies in 2020. But we do have the capacity to solve many of these problems, and open banking can help us do so. Open banking empowers an ecosystem approach in which multiple providers can work together, all supported by bank platform infrastructures. But the question in 2020 is: will banks embrace the opportunity? BUILDING RESILIENCE IN AN AGE OF TRANSFORMATION