Fintech Gini Reveals an Industry Survey to Identify Open Banking Opportunities and Obstacles
gini, the Hong Kong based data-driven banking solutions provider reveals a recent survey on Open APIs readiness among Asian fintech industry professionals. Only 20% of bankers saw themselves as the winners from Open APIs, even though 70% said sharing customer data is the future of their business. Fintechs are viewed as the biggest winners, with unclear regulation and cybersecurity concerns cited by a majority of bankers as the biggest obstacles they will face when adopting the new Open APIs technologies.
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Open Banking is sweeping across the Asia-Pacific region and regulators are making open banking a new reality. But their approach is “soft,” leaving banks and fintechs with plenty of latitude regarding implementation. Based on the survey results, we have published a research report, Open Banking 2020 to identify the opportunities for all participants, as well as recognize some of the barriers to adoption. As a fintech, we hope we can help shape this industry revolution and facilitate meaningful conversations on Open Banking,” said Raymond Wyand, CEO and co-founder at gini.
The survey reassured the importance of sharing consumer data. A greater portion of bankers (70%) responded that the ease of sharing customer data is “the future of my business” than respondents at technology companies, consultancies, investors, or other industry players.
Bankers also have a slightly different sense of risks. Although cybersecurity (38%) was the most cited risk by respondents, those from banks were more concerned with unclear regulations (23%). 35% of the respondents said the biggest winner from the Open APIs will be fintechs or techfins, outweighing customers, banks, and other consumer-facing companies.