Rapid growth of Fin-tech industry worldwide and entry of major digital players in financial services is continuously mandating banks to think of new ways of deeper engagement with customers and devising new ways of revenue generation. While Europe is one of first regions which mandated the use of open APIs for sharing information to third parties under PSD2, continuously changing customer preferences are rapidly driving the initiatives and discussions in other geographies as well. Banks and financial institutions have multiple options to choose from in the open banking economy depending on the strategic and tactical priorities.
The Open Banking Value Framework, by SunTec Business Solutions, provides a direction to enterprises moving towards transformation,
