{"id":7280,"date":"2017-11-27T06:29:44","date_gmt":"2017-11-27T06:29:44","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=7280"},"modified":"2017-11-27T06:29:44","modified_gmt":"2017-11-27T06:29:44","slug":"the-future-of-banking-lies-in-apis","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/the-future-of-banking-lies-in-apis\/","title":{"rendered":"The future of banking lies in APIs"},"content":{"rendered":"<p>One of the main problems faced by financial companies today is their traditional linearity. In the era of digital transformation, the lack of alternative business models and the high cost of owning a &#8220;closed&#8221; IT infrastructure has brought traditional financial service providers to a crisis and allowed others (PayPal, Apple, Amazon, Facebook, etc.) to exploit their flaws.<\/p>\n<p>The principle of open banking underlies the road forward for banks. Its essence lies in the fact that, instead of cumbersome applications, banks provide their interfaces (APIs), allowing third-parties to create IT services, infrastructures and ready-made solutions. APIs help banks\u2019 flexibly and efficiently integrate necessary platforms, products and innovative services into banks\u2019 value chains and into the traditional IT infrastructure. It also helps increase distribution, flexibility and improved user experiences.<\/p>\n<p>Providers of financial services must give up their historical identity and self-determination if they are to change their positioning in the financial ecosystem and successfully create their own digital culture.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-7280 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='5 payment trends COVID-19 is pushing into reality'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/5-payment-trends-covid-19-is-pushing-into-reality\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/overhead-view-hands-holding-card-reader-credit-card-wooden-table_23-21478744491-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15253\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/overhead-view-hands-holding-card-reader-credit-card-wooden-table_23-21478744491-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/overhead-view-hands-holding-card-reader-credit-card-wooden-table_23-21478744491-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/overhead-view-hands-holding-card-reader-credit-card-wooden-table_23-21478744491.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15253'>\n\t\t\t\t5 payment trends COVID-19 is pushing into reality\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Fintech Times Releases Middle East &#038; Africa Report 2023'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintech-times-releases-middle-east-africa-report-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/05\/e781f019-4ee0-2f41-fc21-817d9a8805131-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17112\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17112'>\n\t\t\t\tFintech Times Releases Middle East &#038; Africa Report 2023\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='EY report: Fintech penetration rates around the world'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/ey-report-fintech-penetration-rates-around-the-world\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7042\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/EY-report_Fintech-penetration-rates-around-the-world-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7042'>\n\t\t\t\tEY report: Fintech penetration rates around the world\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>One of the main problems faced by financial companies today is their traditional linearity. In the era of digital transformation, the lack of alternative business models and the high cost of owning a &#8220;closed&#8221; IT infrastructure has brought traditional financial service providers to a crisis and allowed others (PayPal, Apple, Amazon, Facebook, etc.) to exploit &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[49,287],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7280"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=7280"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7280\/revisions"}],"predecessor-version":[{"id":7281,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/7280\/revisions\/7281"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=7280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=7280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=7280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}