Commercialisation
At Nordea we are attempting to commercialise Open Banking by facilitating a rapid change process for decoupling front end and back end functions with the use of APIs. Establishing a first-class developer experience on our Open Banking platform and in our developer sandbox is a key success factor. It’s all about evolving a culture of innovation and a willingness to co-create with both fintechs and our corporate customers.
On the producer side of the platform, Nordea has managed to gather a large community of developers. Already one and a half years ago there were more than 2,000 developers registered on our developer site. At that time, they were mostly individuals, small tech companies and consultants and they were not very active on the platform. Now we see a much higher level of maturity on the platform with more than 5,000 registered users of which 60% are large corporates, ERP providers, mature fintechs and other banks.
Of course, in a network and on a platform, the real value lies in the number of users and the way they interact with each other. The expansion and maturation in our developer community in only one and a half years is a good indicator that our expectations for the development of Open Banking and in platform building are being met.
Commercialisation opportunities
It’s already clear that the opportunity for and maturity of Open Banking is developing fast and mainly outside of regulations. These changes are enabled as a result of technology and driven by customer demands for improved user experiences.
Today’s business professionals want to consume financial services in their own choice of channel and in a much more seamless and smooth way, just like in the way there has been a shift in music consumption. By staying really close to our corporate customers and prioritising their most important challenges, we are identifying the areas where we want to explore commercial opportunities. Open APIs, I would call them services, can meet the great need of our customers for deeper integration, instant communication and supporting their digitalised processes.
For more information on Open Banking and partnerships at Nordea write to Sofia at sofia.ericsson.holm@nordea.com.
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