Hong Kong-based data-driven banking solutions provider gini has revealed a recent survey on Open APIs readiness among Asian fintech industry professionals. Only 20% of bankers saw themselves as the winners from Open APIs, even though 70% said sharing customer data is the future of their business. Fintechs are viewed as the biggest winners, with unclear regulation and cybersecurity concerns cited by a majority of bankers as the biggest obstacles they will face when adopting the new Open APIs technologies.
Conducted by gini enterprise, gini’s B2B arm, the survey questioned over 300 fintech-industry professionals in Singapore and Hong Kong in November 2019.
“Open Banking is sweeping across the Asia-Pacific region and regulators are making open banking a new reality," said Raymond Wyand, CEO and co-founder at gini. "But their approach is 'soft', leaving banks and fintechs with plenty of latitude regarding implementation. Based on the survey results, we have published a research report, Open Banking 2020 to identify the opportunities for all participants, as well as recognize some of the barriers to adoption. As a fintech, we hope we can help shape this industry revolution and facilitate meaningful conversations on Open Banking.”
The survey reassured the importance of sharing customer data. A greater portion of bankers (70%) responded that the ease of sharing customer data is “the future of my business” than respondents at technology companies, consultancies, investors, or other industry players.
Bankers also have a slightly different sense of risks. Although cybersecurity (38%) was the most cited risk by respondents, those from banks were more concerned with unclear regulations (23%). 35% of the respondents said the biggest winner from the Open APIs will be fintechs or techfins, outweighing customers, banks, and other consumer-facing companies.
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