Obscure regulations, cybersecurity hinder adoption of open API: study

Almost two-fifths (38%) cited cybersecurity as the biggest risk.

Unclear regulations and cybersecurity concerns are the biggest obstacles faced by a majority of bankers in terms of open API technologies, according to a survey by banking solutions firm gini.

Almost two-fifths (38%) of respondents across all sectors surveyed cited cybersecurity as their biggest risk, but bankers (23%) are more concerned with unclear regulations. Only one out of five (20%) Asian bankers see themselves as winners from open APIs.

Fintechs (36%) are the biggest winners in open APIs, followed by consumer-facing companies (31%), banks, lenders and insurers (19%), and consumers (12%).

The study, conducted by Gini’s B2B arm gini enterprise on over 300 Asian fintech professionals, revealed that bankers are more aware of open APIs than the wider fintech industry, but there are still loopholes in standardising security and regulatory frameworks.

On the other hand, respondents recognised the importance of sharing data, with almost three-fourths (70%) acknowledging data sharing as the “future” of their business.

Photo courtesy of Pexels.com.

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