BirAPI gives clues about Turkish banks' Open Banking strategies
Istanbul-based open banking solutions startup BirAPI revealed Turkish banks' open banking readiness.
In recent years, the regulations made by many countries, including Turkey, on open banking have madethis issue one of the hottest topics. Open banking represents a secure banking model in which third-party institutions can accessfinancial information with the requirement of obtaining the explicit consent of customers. This model paves the way for end-users to access products with high-value, fun, easy and cheap. It seems that many authorities today describe the concept of Open Banking as a game-changer for the financial world.
BirAPI, which operates in the field of open banking, reveals the current situation in Turkey with their research. According to the number of open APIs that banks publish on their developer portals and the survey conducted with startups using these APIs, it is possible to reach the resulting developer experience.
Gökhan Can, one of the founders of BirAPI:
Today, it is remarkable that only nine banks have API portals and the number of banks that have not yet determined an open banking strategy. In addition, according to developer experience, at the beginning of the problems experienced in using API portals is the issue of not being able to reach their respective units. However, we have entered a whole new era in which the products and services offered by banks on existing channels will be won by who ever moves them to where the customer is. APIs will provide the infrastructure for bringing this experience to the user. Therefore, we can say that the first step towards new digital opportunities will be a rich API portal that offers a good experience.
The regulations, expected to be completed in this year, will make it a necessity for banks and electronic money institutions to open their basic APIs. However, those who adopt open banking as a strategy beyond a regulatory requirement will take their place among the financial institutions that make a difference in the upcoming period.
The commissioning of these developments by banks as soon as possible, which will pave the way for the FinTech ecosystem in our country (Turkey) seems very important for our entrepreneurs to take part in international competition.
