INNOPAY x LUXHUB: download the Open Finance Marketplace study
Leading Digital Banking consulting firm INNOPAY and LUXHUB recently linked and just released their latest Open Finance Marketplace study. This survey saw the participation of several key players, from traditional banks to innovative Fintechs. Find below a summary of the interviews conducted and register to access the results of the study.
Definitions and concepts
Open Finance Marketplace is a two-sided platform where actors can provide and access products, data and services (mainly through publishing and/or consuming APIs). The operator of the Open Finance Marketplace ensures quality and security of connections between actors and offers a range of supplementary services.
It is also important to note that there are different types of Open Finance Marketplaces:
- Multi-provider Open Finance
- Single-provider Open Finance
- Bank developer portal (open for third parties)
- Single-provider sector specific (non-financial)
- Multi-provider sector specific (non-financial)
- Multi-provider Open Data
- Developer portal technology provider
- Data Marketplace (white label) technology provider
Survey results and key findings
- The overall sentiment towards Open Finance and API-based data/service exchange is positive: according to 19% of respondents, Open Finance is extremely important for the strategy of their organization. 33% find it very important.
- A combination between both consuming and publishing APIs seems like an ideal Open Finance strategy due to its synergistic effects and to cater for needs and go-to-market models in specific target segments.
- In the future, APIs involving financial data are desired to be addressed further by marketplaces.
- Moreover, several organizations are looking to consume APIs that are non-core to their current business.
- Most organizations both consume and publish or consume only. The number of organizations publishing only is quite low.
- The largest potential of the marketplace in resolving Open Finance challenges is perceived in speeding up time-to-market.
Methodology
The survey was conducted between 08/02/2022 and 31/03/2022. In addition, focus interviews with selected market players were conducted to deep dive on specific aspects and to complement insights. A total of 55 organizations contributed to the study.
No individual answers were shared with third parties. Limited amount of personal data was collected and processed, and it was possible to fill in the survey anonymously.
Target respondents: Organizations within the Open Finance sector were the main targets, namely banks, insurers, Fintechs and other relevant financial institutions, complemented with selected relevant players from non-financial sectors.