BBVA API Market
It is important to remember that the APIs initially established themselves as the best way to link together internal systems in information-based industries, but have evolved into a means of linking together various suppliers and organizations within the digital ‘customer journeys‘.
In recent years this trend has reached customer-journeys in the financial sector, prompting some organizations, such as BBVA, to anticipate and begin to build new digital ecosystems and help companies with their digital transformation. This trend is also bringing with it a regulatory boost around the world, forcing banks to open up some of their assets through APIs.
In Europe we have PSD2, as well as the ‘Open Banking Initiative‘ in the United Kingdom, and in recent years, whenever open banking on this continent was discussed, these regulations and their implications monopolized the conversation. Only a few players, like BBVA, did more than just talk about it.
So one of the first highlights of this forum which we took part in, was the consensus view that open banking goes beyond PSD2 and other regulations. All players see this moment as an opportunity to innovate and create new ways of collaborating not only with the Fintech ecosystem, but also with other sectors.
That does not mean that PSD2 is no longer the hot topic that dominates conversations about open banking, as this is not the case. But it is encouraging that there are more and more players looking beyond regulation to build partnerships with third parties in win-win relationships, where the end consumer is the main beneficiary.
At BBVA we continue working on our vision and increasing our product range. For example, we launched last September BBVA Open Platform, our BaaS platform (Banking as a Service) in the United States. BBVA Open Platform allows Fintechs, neobanks and other players offering financial solutions through the banking services of BBVA Compass. Also last December we integrated Mexico into BBVA API_Market to offer APIs in the Mexican market.
The aim of these and other initiatives that are underway is to provide the opportunities and benefits of open banking to everybody. We will continue attending the most cutting-edge open banking events to keep you updated about what we are doing. Read more from us soon!
Taking a customer through the entire buying process until it is formalized is an arduous journey and one that faces the constant possibility of the customer leaving. However, there are ways to make the buying decision happen if you are given facilities such as agile, secure financing.
Open banking is driving the development of new apps that are integrated into company platforms, all in an effort to offer banking services to customers. Thanks to APIs, any banking operation, such as opening an account, can be done without the need to exit an application.