IJBTT

The Impact of Open Banking Regulations on the Banking Industry
	© 2024 by IJCTT Journal
	Volume-72 Issue-9
	Year of Publication : 2024
	Authors : Kalyan Gottipati
	DOI :  10.14445/22312803/IJCTT-V72I9P114

How to Cite?

Kalyan Gottipati, "The Impact of Open Banking Regulations on the Banking Industry ," International Journal of Computer Trends and Technology, vol. 72, no. 9, pp. 93-101, 2024. Crossref, https://doi.org/10.14445/22312803/IJCTT-V72I9P114

Abstract
Open banking rules are changing the face of banking services through the requirement of API implementation to let banks introduce new products and services. This paper also looks at how banks have empowered the adoption of APIs by collaborating with fintech startups to develop improved financial products that would benefit customers. The paper's main contribution is systematically reviewing the identified strategic partnerships between traditional banks and innovative fintech players to focus on the customer-centric approach. Based on the qualitative data analysis, the research indicates banks' increased usage of APIs for competitiveness, organizational efficiency, and customer needs. The implications of this work suggest that, in the ongoing process of open banking, APIs will remain fundamental to the future of banking.

Keywords
APIs, Banking disruption, Banking industry, Fintech collaboration, Financial services.

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