Fintech & Payments

Universal Bank Strategy – Promote Open API Banking

#FullFledgeBank Strategy. I think that one day banks will become a #Platform or #Warehouse for Innovation and Basic Banking Services Only. Banks must do what they are good at and that is Basic Banking and #Compliances. Other Non Core services/Activities must be Outsourced to Partners or Done in Alliance with #FinTech partners while moderate them through Compliances by On-boarding right partners through #DueDiligence mechanism. Many banks have already realised it & I am glad to learn that #SBI is outsourcing its #PoS deployment business to third party, while many others have already done so, through FinTech companies. Banks have already outsourced/Bought #CoreBanking Technology, BC, ATMs, Card Issuance businesses etc. Now they must brace themselves to offer #OpenBanking, & #OpenApiBanking to #FinTech companies Additionally, they must not enter in a “Business Directly” which is not their Core Strength just to increase their #ProfitMargins through #LineExtension. Anyway they will #Outsource that business in future, so why can’t that day be #TODAY? This doesn’t restrict them to Innovate in partnership with FinTech companies and #Earn from #Deployment & #Maintenance #Fee. Go for #OpenApiBanking, #OpenBanking,

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