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How open finance ecosystems should generate value for everyone

Platformable | Jan 2022

Platformable report open banking finance trends Q1 - How open finance ecosystems should generate value for everyone

Our open banking/open finance ecosystem maps the way that APIs can help generate new products and create financial health for end users, and indirect benefits for society, local economies and the environment.

Governments direct regulators to expand digital  financial services infrastructure through open banking and open finance (in some locations, markets themselves encourage greater action).

See:  So what is financial exclusion in the era of Open Finance?

API providers (including banks and fintech platforms, like payment gateways) make APIs available, drawing on industry standards and internal API governance. These APIs are used by API consumers (such as fintech, API aggregators and marketplaces) to build new products and services.

The utility of these APIs depend on value enablers including the level of developer experience, security and privacy provisions, and are influenced by demand for digital services from end users. End users including individuals, businesses, and enterprises make use of API-enabled fintech to generate financial health and wellbeing.

The broader ecosystem could also generate indirect impacts on society including impacts on levels of participation and inclusion, support for local economies through increased employment opportunities, and the environment through more optimised use of resources and creation of sustainability products.

Open finance ecosystem Jan 2022 platformable - How open finance ecosystems should generate value for everyone

Download the 38 page PDF report --> here

 


NCFA Jan 2018 resize - How open finance ecosystems should generate value for everyone The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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