Unleashing Collaborative Potential: Exploring the Dynamics between Banks and Fintechs in the Era of PSD2 and Open API Technologies

Bakr, Sohaila Samy Abdelmohsen

4. Semester

Digital Communication Leadership (Erasmus+)

2023

2023-07-30

138

Banksektoren er i hastig forandring, fordi fintech-virksomheder tilbyder nye digitale tjenester, der udfordrer traditionelle bankers position. Som svar har både banker og fintechs taget open banking (åben bank) til sig, hvor kunder – med samtykke – kan dele deres finansielle data via sikre, standardiserede grænseflader (API’er). Dette studie undersøger, hvordan relationen mellem banker og fintechs ændrer sig fra konkurrence til samarbejde gennem open banking, og hvilke konsekvenser det har for branchen. Analysen bruger Multi-Level Perspective, en ramme der ser på forandringer i flere lag: de etablerede banker som det dominerende system og fintechs som nicheaktører med nye løsninger. Metodisk bygger studiet på en kvalitativ tilgang med semistrukturerede interviews som primær data og supplerende kilder for at styrke forståelsen og validere resultaterne. Resultaterne viser, at samarbejder i open banking især drives af adgang til data, regulatorisk ekspertise og moderne teknologier, der gør partnerskaber lettere. Alle parter kan få fordele: Banker får adgang til fintechs’ teknologier, hvilket kan øge effektivitet og forbedre brugeroplevelser. Fintechs kan skalere hurtigere ved at bruge bankers infrastruktur og nå bredere ud. Forbrugere får mere prisvenlige og inkluderende finansielle tjenester samt bedre kontrol over egne data. Studiet fremhæver betydningen af regulering, især EU’s PSD2-direktiv, som skaber tillid og sætter rammerne for sikre, åbne API’er til datadeling. Open banking muliggør også avanceret dataanalyse og integration af teknologier som maskinlæring, som kan styrke drift, svindelbekæmpelse og kundeoplevelser. Der er dog udfordringer: Banker bør udvikle klare strategier for ikke at sakke bagud, fintechs skal balancere vækst for at bevare partnerskaber, og udbredt adoption kræver, at forbrugere forstår, hvad open banking indebærer.

The banking sector is changing rapidly as fintech companies offer new digital services that challenge the dominance of traditional banks. In response, both banks and fintechs have adopted open banking, where customers—with consent—can share their financial data through secure, standardized interfaces (APIs). This study examines how the relationship between banks and fintechs is shifting from rivalry to collaboration through open banking, and what this means for the industry. The analysis uses the Multi-Level Perspective, a framework that looks at change across layers: incumbent banks as the dominant system and fintechs as niche innovators. Methodologically, the study follows a qualitative approach with semi-structured interviews as the primary data source, complemented by secondary sources to deepen and validate the findings. The results show that open banking partnerships are driven by access to data, regulatory expertise, and modern technologies that make collaboration easier. All parties can benefit: Banks gain access to fintech technologies, improving efficiency and user experience. Fintechs can scale faster by leveraging banking infrastructure and reaching wider audiences. Consumers benefit from more affordable and inclusive financial services and greater control over their own data. The research highlights the importance of regulation, especially the EU’s PSD2 directive, in building trust and enabling secure, open APIs for data sharing. Open banking also supports advanced data analytics and the integration of technologies like machine learning, enhancing operations, fraud detection, and customer experiences. Challenges remain: Banks need clear strategies to keep pace with change, fintechs must balance growth to sustain partnerships, and broad adoption depends on consumers understanding what open banking entails.

[This summary has been rewritten with the help of AI based on the project's original abstract]

Fintech ; Open banking ; Open APIs ; PSD2

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