The PSD2 regulation opened up banking infrastructure to third parties and revolutionized banking as we know it. Particularly as regards contracts for products whose rules seemed set in stone, such as mortgage applications. Thanks to APIs, this can be done entirely online, without going to a branch and minimizing friction in the process.
Startups and existing companies in the process of digitization need a new set of digital tools to help them transform their businesses and get more in tune with their customers' needs. If possible, they should develop frictionless systems that do not create barriers to entry for the business, as occurs with some banking solutions.
Open banking is transforming the banking business as we know it, and the mortgage market was not going to be left out. Mortgages are the main business of many banks, which is why many of them are seeking to adapt their marketing to this new reality.
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.
CB Insights has published a new report on the fintech market, 2019 Fintech Trends To Watch, which provides fascinating insight into how fintech companies are evolving around the world. The report investigates the most important trends for banking and payments fintechs here in the US, just the kind of companies that use Open Platform’s APIs, so we thought we’d round up the top trends that are most relevant to our customers in 2019.
Alberto González, Product Owner of BBVA API Market, shares the bank's challenges after opening its APIs to third parties. A great step that the bank took after analyzing the needs of its environment and that now places it as key player in the fintech scenario.
One of the greatest innovation sources is in the academic environment. Collaborating with universities and business schools helps to discover new ideas through great talents. We analyze BBVA's experience in ESADE