INNOPAY updates its Open Banking Monitor: the three key findings
INNOPAY, the consultancy firm which aims to help companies to harness the full potential of the digital transaction era, recently updated its renowned Open Banking Monitor. As the name indicates, it monitors the efforts made by Open Banking Fintechs, TPPs and banks.
The INNOPAY publication aims at “providing a snapshot of the efforts banks have made in expanding their API product offering and in developing a more comprehensive Developer Experience”.
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APIs per bank have shown a 17% increase, clear expansion of API product propositions
On average, banks are offering more APIs than last year, with a 17% increase in APIs offered per bank. Also, research shows that the APIs offered by those banks now cover a broader variety of common banking functionalities, with account information, payment initiation and payment management topping the list.
The report also notices a significant increase in Customer information APIs that enable the controlled sharing of selected data attributes, as well as Corporate APIs, aiming at further driving efficiencies and improving customer experience in transaction banking operations.
Average Developer Experience increased with 11%, raising the bar to remain on par with peers
- First, INNOPAY highlights a 22% increase in Community Development, with banks investing actively in news articles, blogs, events and partnership programs. “Banks are picking up on the importance of establishing an Open Banking Community in order to drive innovation,” underline Mounaim Cortet and Jorgos Tsvilis.
- The experts also notice a 21% increase when it comes to Developer Usability, through additional and/or optimized development tools, that provide for a better development experience and therefore ease the life of API consumers. Such tools can be dynamic sandbox functionalities, detailed ‘getting started’-guides, or more comprehensive application, credential management features, etc.
- Finally, a small 3% increase was noticed in terms of API Documentation, with new features or more information on API business context, API versioning & changelogs, and conciseness of the API specifications. These key pieces of info can drastically improve the readability of the API documentation.
Banks in the Middle East are stepping up their game
More and more banks from Middle East – i.e. AKBank, Arab Bank, IsBank and others – are securing a position in INNOPAY’s Open Banking Monitor, which now also features VakifBank and recognizes its efforts to evolve its Open Banking propositions notably through its API Store.
Finally, the INNOPAY experts highlight that Open Banking is becoming a popular topic in Turkey, with more information available via the Open Banking Turkey Monitor.