Open-Banking is gaining popularity with consumers and banks through the relatively new phenomenon of marketplace-banking. Marketplace-banking is attractive to consumers because it provides a wealth of new services via their bank’s app.
With increasingly new channels to market, nimble startups and “fintech” innovations, it is imperative that incumbent banks and financial institutions stay relevant through forging their own digital ecosystems and adopting API monetization strategies.
A robust API management strategy is a must to effectively monetize your APIs. Managing your APIs is not just about the security aspect but about how well they are designed, what implementation standards they’re built on, how they are deployed, their discoverability and monitorability.
Here, in this post, we explain the role of open banking APIs in shaping the revenue streams of the financial services industry.
A well-managed API marketplace is a competitive advantage for enterprises to market their APIs. In this post, you will find three areas that will need your attention when building an API-driven digital ecosystem.