Open banking has opened the floodgates to innovation.

The possibilities are quite literally endless…

An API for solopreneur plumbers that underwrites loans based on an algorithm analyzing their deposits and withdrawals and doesn’t need access to their tax returns.

Another algorithm that can analyze high-risk payroll advances instantly.

Qualifying for buy now, pay later.

Tasks that once took hours of work to assess—now completely automated.

And the craziest part is with each API that’s added, that’s 1 more opportunity to build something on top of it.

Before long, core functions will be completely automated and commoditized and even some of the more complex functions will be automated too.

At that point, it’s a race to see who can add the most innovative, and useful services.

The beauty of banking and financial services is that innovation is endless -

Whatever the customer wants—assuming regulators don't balk at it—can be built!

I might be a bit wary of heavy API usage, but they sure do make things exciting.

Where do you think this is all heading?

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Digging deep on banks is what I do.

🔔 Follow Brian on Linkedin: Brian Pillmore

#banking 

#automation

#innovation