BANKING
“ There must be trust between parties . Without mutual trust , especially in a world where data privacy is becoming paramount , the relationship will be problematic ”
Noorani says , “ We fully expect partner networks to expand dramatically in the coming years , particularly in a post-Covid economy . Forward-thinking banks will look to nurture partnerships as well as acquire and embed fintech into their existing services to stay ahead of the competition .”
Hack also believes this is the logical step forward , because , in an ever more complex world of constantly evolving technology , “ regulatory and commercial frameworks intertwined with faster changing consumer demands and expectations , it is only logical that we will see more partnering happening in the future .”
Crerand concludes , that with customer expectations for frictionless digital services at an all-time high and continuing to rise , “ APIs will become a crucial cornerstone of banks ’ IT strategies , offering the flexibility and agility they need to become ‘ digital ready ’ and continue to redefine customer expectations and industry standards for connected experiences .”