The Impact of Open Banking Regulations on the Banking Industry

Open banking rules are changing the face of banking services through the requirement of API implementation to let banks introduce new products and services. This paper also looks at how banks have empowered the adoption of APIs by collaborating with fintech startups to develop improved financial products that would benefit customers. The paper's main contribution is systematically reviewing the identified strategic partnerships between traditional banks and innovative fintech players to focus on the customer-centric approach. Based on the qualitative data analysis, the research indicates banks' increased usage of APIs for competitiveness, organizational efficiency, and customer needs. The implications of this work suggest that, in the ongoing process of open banking, APIs will remain fundamental to the future of banking.