Portal developer APIs are designed to industry standards and comply with financial data exchange (FDX) rules. U.S. Bank is a founding member of FDX, which works with other financial institutions, data aggregators and fintech to create a standard and framework for the exchange of consumer-authorized data across the industry. « The new U.S. Bank Developer Portal – combined with our new fintech partners – offers more opportunities for our customers than ever before, » said Gareth Gaston, Omnichannel`s executive vice president at U.S. Bank. « This is one way to move quickly and scale across the U.S. Bank to help our customers get banking, when, where and how they want. » Antoine J. LaFromboise, U.S. Bank firstname.lastname@example.org 612-303-0793 Ecosystem evolution has changed significantly across regions, not partly due to regulatory differences. In the European Union, the broadest approach has been adopted both through PSD2 and through broader efforts to promote competition in the retail banking sector through the UK Open Banking Standard. An important provision of the PSD2 aims to promote competition and innovation in the provision of payment services in the European Economic Area by opening access to non-bank accounts. Second, banks should focus on open banking services that would be most valuable to customers.
The results of our surveys indicate that overall financial indicators and financial health improvement instruments are the most sought after. While some of these services already exist on the market, expanding and innovative services in this area, and therefore customers may feel more in control of their financial destiny, taking a big step towards the life of an even more integral customer (Figure 7). On the other hand, in the United States, the open banking system is at an early stage, which represents an unprecedented opportunity, especially for early users. Here, open banking, as well as the broader digital transformation undertaken by many banks around the world, can help shift from a product mentality to a single focus on customer needs. Experian, « Experian announces growth in open bank applications. » The open data revolution is most visible in Australia, the UK and other European Union countries. Each has explicit rules (Australia`s Consumer Data Right Act,9 UK Open Banking Standard,10 and PSD2) that require banks to share customer data with third parties in accordance with customer instructions. Other countries, such as Canada, Japan and Singapore, are also considering similar arrangements. However, Australia has gone further: it has gone beyond the financial services sector and applied a wide range of data and data exchange rules to other sectors. We do not yet know whether this will be a model for other countries11, although similar efforts are underway in the UK (UK ODI Review). The main reasons young consumers spoke out in favour of an open banking system were « flexibility and transparency » and « less shell » things.
However, consumers are generally most interested in services that facilitate financial management, such as opportunity. B to compare banking services, integrate financial data and customize budgeting instruments. One interviewee put it this way: « It`s an interesting idea that a lot of people could probably aggregate their financial information into an overview to assess where they are. » APIs are a tool for fintechs – or, more likely, aggregators – to implement legitimate and secure APIs agreements with financial institutions.