BBVA API Market
The latest edition of The AltFi Festival of Finance 2020 was held on November 10-13 with a diverse agenda addressing such essential issues within the banking and financial sector as the advent of quantum computing, the impact of coronavirus, the wide range of opportunities offered by SMEs and the latest disruptive initiatives in the fintech universe.
With regards to the open banking landscape and its ramifications, BBVA, represented by Carlos López-Moctezuma, participated in the panel “How APIs Will Power Europe’s Next Fintech Boom.” The other panelists were Benedikt Voller, VP Business Clients & Partnerships at Raisin, and Keith Grose, Head of UK at Plaid.
The conversation revolved around the role of APIs in the near future of the fintech ecosystem’s development, something participants had first-hand knowledge about. In addition to BBVA, whose expertise has made it a pioneer in open banking and APIs, Raisin brings the experience of being one of the leading applications of savings products for end customers, while Plaid, in the words of Grose himself, “is a platform of open banking APIs present in America, the United Kingdom and Europe, providing the necessary infrastructure for fintech to build all kinds of utilities from financial and payment data.” A trait it shares with BBVA API_Market, insofar as BBVA’s platform also offers a large API catalog aimed at enticing companies and businesses to open up to all the opportunities that open banking can offer them.
The panel made it clear that BBVA’s open banking strategy is one of the key tactical legs for the bank’s future. In the next two years, the open banking acquisition channel will be essential to establish strategic collaborations and partnerships with new players and thus create ecosystems where these alliances make it possible to offer products and services customized and completely suited to the client’s needs and new demands.
The creation of these alliances, materialized in the use of APIs to connect banking products with the platforms and environments of fintech actors, is one of the pillars of open banking’s near-future development. That is why APIs should be an example of security, efficiency and reliability, since they are the technological bridge that connects both sides of the collaboration.
The COVID-19 crisis has only accelerated the trend toward more and better APIs, due to increased demand for digital banking and financial services. And not just from the perspective of end clients. Businesses have also increased their openness to open banking: financing and lending APIs are some of the most traction-generating solutions in the future, especially in the retail sector. BBVA is already responding to this demand proactively, and has several APIs for this type of service in the production stage.
The bank is, once again, one of the entities that have best adapted to open banking, making it its own and making it an essential strategy for the brand.
Various case studies are used to show how open finance enables the financial inclusion of SMEs and the economic growth of developing regions.
Real-time payments have become one of the most noteworthy innovations in the financial industry. Their growth in recent years has been significant thanks to the possibilities they offer companies, especially in customer relations.