Hay quien lo llama ‘revolución’, otros prefieren definirlo como ‘evolución’. Sea como fuere, la fuerte transformación que vive el sector bancario impulsada por la entrada en vigor en noviembre de 2018 de la directiva europea sobre servicios de pago digitales PSD2, lleva aparejada un cambio en los perfiles profesionales que demanda la industria.
Open banking systems make it possible to interconnect the finances of citizens and companies, and to create a myriad of new applications based on common and easily interoperable standards.
Some weeks ago we took part in the World Open Banking Dialogue in London. There we heard first-hand how banks around the world are helping to consolidate the open banking concept, while we also had the opportunity to set out BBVA's vision of the phenomenon.
The motto of the event was 'The New API Stack for the Programmable Society'. With the title The BBVA API_Market Open Banking experience, our workshop focused on the change among retail clients and businesses brought about by open banking, as well as the latter's key role in financial transformation.
They say 2018 was the year of open banking. While 2019 will be the year in which it puts down roots. With nearly twelve months having passed since European Directive PSD2 was introduced back in March, in 2019 we will see whether the open banking concept represents evolution or revolution. The opportunity is immense, collaboration is critical, and trust is key, but customers must be given incentives to embrace the new concept.
The banking sector has joined the digital revolution through open APIs. The specialized publication 'The Banker' reviews the evolution of the process and its protagonists in recent years, among which BBVA API Market stands out.
Open banking is transforming the way we understand finance. This revolution is opening the door to a world of collaboration and opportunities, generating value for customers and new business models. "Open banking is going to improve people's lives. Their digital lives as well as those that are not so digital," Ricardo Segoviano, Head of BBVA API Market, recently explained.
There is a long-standing debate in the financial development community, as open data trading platforms, open banking APIs, offer a tabula rasa which puts large entities and small startups at the same entry level. Open banking "is set to be the most seismic shift in financial services since online banking," according to Dankse Bank.
In recent years, the United Kingdom has become one of the strongest supporters of open banking worldwide. It all started when HM Treasury decided to create a working group on this matter in 2015; then, one and half years ago, an entity was created to handle the transition; and, in January 13, 2018 standards were implemented and the UK is now at the forefront of open banking.
With over 2 billion devices around the world using Android, it becomes imperative for virtually all technology companies to have some kind of presence in the open source platform developed by Google. We review some of the most useful APIs and tools for Android developers.
