Open finance is an invitation for banks to create new partnerships and seize the future
As API-driven open finance accelerates, banks are not simply resting on their laurels. They are delivering new connectivity solutions for customers, transforming themselves into fintech innovators, and even bringing new players into the financial services ecosystem.
Recognizing the profound effects that this API revolution is having on banks, Plaid and Capco (a Wipro company) recently partnered on a solution that will help financial institutions unlock value in this new ecosystem. The API revolution will require banks to rethink data privacy and security, API management and integration, governance, and customer experiences. However, aggressive adoption of API-driven innovation will also open up exciting new directions.
In this video, Eric Sager, Chief Operating Officer at Plaid, gives his perspectives on how the API-driven future is creating new opportunities for banks to extend their reach.