Banks and tech giants, driven by the need to innovate and stay competitive, have taken the lead here, but this effort is being hampered by difficulties in reaching consensus on the details of the functional scope of such initiatives, along with security and API specifications. Protecting consumers has been a regulatory objective for many years. Most recently, with digital transformation disrupting industries across the globe, the focus has turned to the protection of consumer privacy and data – a valuable asset for most businesses today.
Virtusa’s Global Head of Banking Practice Amit Bhute shares his insights with Open Banking Expo about three different approaches to the API economy.