May 2018 - IDC Perspective - Doc # AP43574418
Readiness of Asia/Pacific Markets for Open Banking
This is IDC Perspective is the third in IDC Financial Insights' series of reports on Open Banking. It highlights the readiness of each market in Asia/Pacific (excluding Japan) (APEJ) for the adoption of Open Banking, covering the key factors that work as fundamental drivers for any country to unleash the true potential of opportunities that Open Banking brings.
Michael Araneta, AVP for IDC Financial Insights Asia/Pacific states, "At this point in 2018, Open Banking adoption will be prodded on by regulators who are themselves competing to be seen as the most proactive regulator in the region. The regulatory framework for Open Banking will be comprehensive, touching upon various aspects of customer data protection, IT security, systemic risk, and customer fairness. Banks will need to align their Open Banking strategies with these — ideally before their competitors succeed in doing so."
"We expect that Open Banking will inevitably be a discussion within the bank. Banks must recognize the need to embrace digital transformation related to API banking and bank-fintech/TPP relationship at the highest levels of the organization and keep abreast of the new security solutions to support that in the future," says Anuj Agrawal, senior research manager, IDC Financial Insights Asia/Pacific.