The app economy is creating the need for digital transformation across sectors. Nowhere is this need more urgent than in banking, where a best-in-class app can mean the difference between retaining a customer and losing them to a competitor.
Most banks understand the importance of digital and many realize the key role of application programming interfaces (APIs) in making services available on mobile devices and the Web.
Much of the industry still lacks maturity when it comes to their API programs—stuck on creating ad-hoc APIs that digitize simple functions. Any bank that wants to truly succeed will need to build a new technology platform based on open APIs.