Dozens of ideas came out of Bank Innovation 2014, which spanned two days earlier this month and contained 12 sessions about cutting-edge financial innovation, as evidenced by the discussion around the event on Twitter at the hashtag #BI14. So which of the ideas should not be ignored? We’ve highlighted the 10 “big and hairy” banking innovation ideas that will propel the industry into the future. Ignore them at your own risk. 1. API Banking APIs — application programming interfaces — are the future of banking because they extend banking services across the entire digital landscape. There are services only banks can provide — holding funds on deposit, for example. Many different payments services exist, but almost without exception they require a link to a deposit account or more commonly, a debit or credit card. Companies like Standard Treasury and Social Money, both of which took to the stage at Bank Innovation 2014, connect banks to wider customer bases via APIs. Standard Treasury helps banks build developer platforms around the bank’s core software, which allows developers to plug in to any number of a bank’s services. Social Money, known for its SmartyPig product, is soon to launch CorePro, which provides API access [...]
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