This article from Forbes identifies three innovative solutions currently in market that challenge the services offered by some banks today. The three solutions utilize APIs to reshape the processes around Payroll Processing, Identity and Payments, and Small Business Financing. The solutions might suggest how your institution can innovate if these are businesses areas targeted for growth:
“Ask US bankers why API deployment is so far behind Europe, and they’ll probably blame it on the lack of Open Banking that exists in the US relative to Europe.
Unfortunately, that’s not a good excuse.
By not more aggressively deploying APIs, banks are missing opportunities to reduce cycle time and costs on a number of business processes, in particular, product application-related processes.
Bankers are familiar with companies like Yodlee, Stripe, and Plaid whose APIs have helped create connectivity between financial institutions and between institutions and fintech companies.
There are three lesser known fintech startups, however, who are poised to have a significant impact on the banking industry: Pinwheel, Sila, and Codat.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
