Singapore tops the race in open banking readiness, and is the pace-setter for leveraging APIs in data monetization, primarily owing to the maturity of its Open API and data infrastructure.
The Finastra inaugural Open Banking Readiness Index is based on interviews and surveys with 146 top banks across 14 markets in the Asia-Pacific region.
The research shows that higher adoption of APIs, bank third-party partnerships, and advanced data-based transformation and innovation were primary factors leading to Singapore ranking as the most advanced market in comparison to other countries surveyed.
Singapore (8.1/10) is followed by Australia (7.1/10) and Hong Kong (6.6/10) as the second and third leading markets in Open Banking readiness in Asia Pacific.
Other key survey findings for the region include:
- Platforms will play a significant role in managing the convergence of capabilities as 85 percent of banks agree that «a platform» will be the key to binding the customer, business and technology capabilities together
- Only 25 percent of Asia-Pacific banks are in the advanced stage of data-based transformation
- Momentum for Open Banking is accelerating in Asia and the majority of banks are expected to ramp up their Open Banking capabilities between 2018 and 2020
The latest research commissioned by Finastra reflects its vision to help banks deliver transformative financial services. Download an InfoBrief of the Finastra Open Banking Readiness Index here.
