The way I see the banking api industry evolving is as follows: Currently banks have been implementing API’s because it has been mandated by regulatory bodies.

The way I see the banking api industry evolving is as follows: Currently banks have been implementing API’s because it has been mandated by regulatory bodies. From their perspectives, the APIs are a money sink, and even worse, could make their customers less reliant on their infrastructure - increasing their chances of losing customers. I see it differently, and predict that the landscape will change dramatically. Open banking APIs are going to enable a whole host of products and services - allowing customers to verify their income painlessly, or manage their investments and credit cards with minimal effort. As the ecosystem of products around open banking grows, banks will begin to see the quality of their APIs as a strength, and a way to differentiate themselves from competitors. Customers could one day choose their bank based on how well it integrates with their smart phone, or favourite online market place, etc Monzo are already capitalising on the opportunity with some very smart moves. They are using https://truelayer.com https://truelayer.com (a banking infrastructure company) to display their customers credit card’s balance and transactions within the Monzo app. Eventually users will be able to pay off their credit cards from within the Monzo app. Just imagine the possibilities! In short, there are many exciting opportunities, and early adopters could win big.