While open banking regulations are spreading worldwide, creating APIs solely for the purpose of compliance can lead to poor API uptake and developer dissatisfaction. Instead, application leaders should focus on creating differentiated API products that go beyond regulatory compliance, including leveraging standards such as BIAN and FDX.
Gartner, Beyond Compliance: Using Banking API Standards for Competitive Advantage, Mark O'Neill, Andrew Steadman, Don Free, 3 December 2020
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Key challenges financial institutions face if they build APIs for compliance only
Recommendations for creating differentiating API products that go beyond compliance