Banks are learning how to monetize the global open banking movement — but there are still several obstacles to success:
And banks are beginning to identify how to monetize this global movement: Most banks and fintechs think that a revenue-sharing model, meaning that the API provider and user share generated revenue, is the most suitable option, according to a newWhile having a monetization strategy is a good start, there are still several obstacles that both banks and fintechs will have to overcome for open banking to be successful.
When it comes to collaborations between fintechs and banks, there are both cultural and technical barriers. Differences in organizational culture and mindset are a barrier cited by 66% of banks and 70% of fintechs. However, while 70% of fintechs think process barriers are an issue, only 52% of banks agree. Additionally, over half of bank and fintech respondents see problems with IT incompatibility between banks' legacy systems and fintechs' IT systems.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Investors Shun Banks Buying Other BanksShares of banks buying other banks are underperforming, reflecting investor concerns that potential economic weakness could depress future earnings and portend bigger-than-expected loan losses at target firms.
Read more »
Plot Twist: 'Outer Banks' Was Not Actually Filmed in the Outer BanksEverything is a lie.
Read more »
Stocks see modest pullback at open as central banks, trade stay in focusU.S. stocks edged lower at the opening bell on Monday ahead of a busy week packed with meetings by the Federal Reserve and the European Central Bank....
Read more »
Banks re-open as Hong Kong returns to normal ahead of weekend protestPolice kept a close watch over central Hong Kong as the Asian financial hub retu...
Read more »
Open and closed for July 4th 2019: Mail, banks, stores and more
Read more »
Wall Street set open higher as banks rise after Citi resultsWall Street was set to extend last week's gains at the open on Monday as se...
Read more »