Issue link: https://recursos.axway.com/i/1321495
56 Open Banking APIs State of the Market Report 2020 that include transparent pricing pages. Several are suggestive that there is a paid partnership fee involved, and there are a number that have included payment plan templates, while currently offering their APIs for free (therefore indicating expectations to charge for their APIs in future). But at present, only 9% of all open banking platforms have a clear pricing model, unlike open finance API platforms which have clearer monetization strategies in place A SHAKEUP IS COMING IN THE AGE OF TRANSFORMATION From here on, 2020 will be seen as the year that the growing dynamics of the past decade or so truly turned a corner. Digital transformation and the 'emerging digital economy' are no longer a gradual shift. We have entered the Age of Transformation. Banks no longer have the complacency to take small, begrudging steps while eking out as much value from their traditional business model as possible. Going forward, banks will need a portfolio of business models that draw on relationships in a growing, vibrant, diverse ecosystem in order to survive. To succeed going forward, banks will need a platform mindset and APIs at all levels of their infrastructure: Open APIs: to meet regulatory requirements, to identify new patterns of open finance and to identify promising new partners Partner APIs: to build high-value digital channels, to extend their product offerings, and to build marketplaces that support specific customer bases, like their SME customers, and retail consumer segments Private APIs: to take what they have learnt from open and partner API strategies to rebuild and enhance their internal digital infrastructure so that they can speed up their own product development and their use of data to understand market directions and needs. Banks that build a platform based model will be more successful than those that continue to delay action. According to a study by Capgemini and Efma, platform-based banks find it 2.2 times easier to unlock new sources of value creation, 2.1 times easier to maintain or increase business profitability, and 1.8 times easier to improve operational efficiencies. 25 Open banking offers banks a new opportunity to embrace digital economies. Banks can shift to platform based business models that allow partnership with a wider array of service providers, and can remain relevant in an open