Open Banking and digital transformation: trends, facts and figures

Virtusa xLabs

The financial world is moving towards an ‘open system’. This transformation is driven by a number of factors, such as the possibilities offered by emerging technologies, regulations fueling innovation, change in customer preferences and intense competition in the market caused by non-financial players.

An increasing number of banks and financial institutions are actively adopting open banking strategies and making their Application Programming Interfaces (APIs) available to third party service and solution providers.

The role of Open Banking will grow further as more players in the financial market recognize the benefits of FinTech collaboration through APIs, and consequently, the importance of an API strategy in their digitization efforts.

Download the infographic to learn more about:

  • Recent trends and predictions for Open Banking adoption
  • Benefits and value of creating ecosystems that rely on FinTechs and APIs
  • The top ten innovative financial technologies that will reshape the banking industry

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