Banks and financial services institutions are exploring new business models to meet the changing demands of the modern customers and to stay ahead of the competition. Open API has brought an inevitable change in the modern banking sector that has enabled the financial institutions respond better to the growing demands of their customers. It fosters an ecosystem that help the banks deliver more customer-centric services.

Few ways in which banks will benefit from Open APIs:

  • Enables third-party payment initiation service providers to offer customers with an alternative payment mechanism linked directly to their bank accounts, thereby opening upto new revenue streams.
  • Allows real-time payment transactions and data flows, thereby empowering the customers with near real-time financial information from their accounts.
  • Improves financial transparency, hence building trust, accountability and enhancing customer experience.

Oracle Banking APIs:

Oracle Open Banking APIs enable banks to drive innovations faster and enhance operating & business models. This offering include 1,500+ ready, functional APIs for payments, retail and corporate banking. By adopting Oracle Banking APIs, banks can take advantage of pre-integration with existing Oracle core banking systems. This will help banks deliver new services with greater transparency.

Connect/Talk to our Open Banking API experts to learn more. Contact us for more queries on Open Banking and its benefits.

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