Trends in open banking and open finance are increasingly overtaking traditional banking. By opening up banking systems and the influence of new regulatory requirements such as PSD3/PSR and potentially also FIDA, a trustworthy environment will be created that encourages digital solutions and slim processes. Customers are increasingly demanding digital innovations and personalized services. Open Finance offers significant opportunities for this.
By 2025 three key use cases for APIs have been established in the payment and banking industry:
- Services for switching bank accounts
- Integration of banking services into third-party offerings and
- API-based payment processing.
But the potential is far from exhausted. Embedded finance enables a functional and business model-specific development of the banking services. Meanwhile innovative FinTechs are increasing the competition for traditional banks on the German market.
New regulatory requirements, the adoption of APIs and the possibility of advanced data analysis will continue to transform the industry. The security for sensitive customer and financial data remains a key priority.
We look to the future and ask ourselves:
What will financial services look like in 2030? In order to remain competitive banks and financial service providers need to act now.
Learn more about the opportunities that APIs and open finance hold for the financial industry and how to benefit from these developments in our white-paper (download below). We give you valuable recommendations on how to proceed in the next few years.
Do you have further questions about the development of Open Banking/Finance and the impact on your business? Let’s get together and exchange ideas. We are looking forward to answering your questions.
Dr. Carlos Nasher
Hauke Peters
Lina Schramm
