gini, the Hong Kong based data-driven banking solutions provider reveals a recent survey on Open APIs readiness among Asian fintech industry professionals.
Only 20% of bankers saw themselves as the winners from Open APIs, even though 70% said sharing customer data is the future of their business.
Unclear regulation and cybersecurity concerns were cited by a majority of bankers as the biggest obstacles they will face when adopting the new Open APIs technologies.
Conducted by gini enterprise, gini’s B2B arm, the survey questioned over 300 fintech-industry professionals during the fintech events in Singapore and Hong Kong in November 2019.
“Open Banking is sweeping across the Asia-Pacific region and regulators are making open banking a new reality. But their approach is “soft”, leaving banks and fintechs with plenty of latitude regarding implementation. Based on the survey results, we have published a research report, Open Banking 2020 to identify the opportunities for all participants, as well as recognize some of the barriers to adoption. As a fintech, we hope we can help shape this industry revolution and facilitate meaningful conversations on Open Banking”, said Raymond Wyand, CEO and co-founder at gini.
Bankers also have a slightly different sense of risks. Although cybersecurity (38%) was the most cited risk by respondents, those from banks were relatively more concerned with unclear regulations (23%). 35% of the respondents said the biggest winner from the Open APIs will be fintechs or techfins, outweighing customers, banks, insurers, and other consumer-facing companies.
The full study can be downloaded here.
Featured image credit: Unsplash
