Accelerating growth and building resilience in corporate banking: Benefits of moving to open APIs
As Open Banking structures continue to roll out in markets across the world, their scope is expanding rapidly beyond the initial focus on consumer banking and payments services, and entering the corporate banking domain. This trend is being warmly welcomed by corporate treasurers, growing numbers of whom are now looking to boost the value from their banking relationships by embracing Open Banking. To meet this demand, financial institutions (FIs) need to realign their future product and servicing roadmaps, and seize the opportunities opened up by developing and exposing open APIs.
Recent events have accelerated banks’ adoption of innovative solutions in corporate banking. Since the outbreak of COVID-19, almost three in four (72%) banks have seen an increase in the integration of corporate banking APIs. Open banking is already improving internal corporate banking processes, workflows and product management – yet more change is set to come as banks look to adopt APIs at increasing scale, and this presents challenges to those held back by challenges with implementing APIs.
While innovation and the digitalization of corporate banking gathers pace, institutions must find a way to stay ahead of the game in order to provide the best possible services for clients and adapt to change successfully.
Fintech Futures and Finastra were delighted to host our upcoming series “Accelerating growth and building resilience in corporate banking: Benefits of moving to open APIs”. We discussed challenges and opportunities of moving to open APIs with:
Hinchliffe, Ruby - Reporter, FinTech Futures [moderator]
AK, Kiran – Principal Solutions Consultant, Payments, at Finastra
Teixeira, Carlos – Global Industry Principal at Finastra
Tyler, Tim – Senior Industry Principal, Corporate Banking (Global), at Finastra
Papathanassi, Christopher – Global Solution Principal, Lending, at Finastra
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