Regulators have strengthened their grip on financial institutions’ compliance demands, while key programmes such as Open Banking have had a substantial strategic impact on market players. 

The underlying move from a product-centric to a customer-centric paradigm allows banks to service consumer needs, while the fundamental change makes the banking industry more sovereign and allows for a radical transformation through the use of open innovation logic.

For banks, the path to Open Banking begins with the adoption of market-standard Open APIs designed for networked banking and the creation of a new ecosystem. The combination of API technology and open collaboration is made available to third parties in order to create new opportunities and services for consumers, and is increasingly targeted at meeting consumer wants.

In this business case, we will delve deeply into the background that has fundamentally altered banks in order to create elegant interfaces with Macro Global’s Open Banking integrated services and consolidated operations.