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APIs Present Billions-Per-Year Monetisation Opportunities for Banks

A new study from the Mobey Forum’s Open Banking Expert Group suggested that banks are missing enormous monetisation opportunities provided by open APIs

APIs monetisation banks

APIs Present Billions-Per-Year Monetisation Opportunities for Banks. Source: shutterstock.com

According to the recent Mobey Forum’s Open Banking Expert Group report, banks can significantly benefit from monetising their APIs for internal and external use. Based on a year-long research study, the report determined that significant monetisation opportunities exist beyond those initially expected. 

The conducted research leveraged the expertise of open banking experts from the leading Tier One banks and global institutions. It concluded that monetisation opportunities from ‘internally facing’ use cases, which present lower risk and higher return, are often ignored. 

The majority of banks concentrate on the most obvious API monetisation cases, i.e. Premium APIs that involve charging third parties for access and use of a bank’s APIs beyond the standard free offerings.

While the simplest type of direct, external-facing monetisation can recover the cost of creating and publishing core compliance APIs, internal use of APIs can facilitate data sharing across siloed departments which leads to efficiency gains.

In the challenging economic environment of today, banks are searching for new ways to increase revenue with value-added services. However, many of them don’t realise the monetisation use cases explored in the report, which can bring additional billions per year to the medium and large bank segments. 

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Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.