Finastra launches Open Banking Readiness Index for APAC

Finastra has launched its Open Banking Readiness Index, a framework for banks in the Asia-Pacific.

It provides a framework for banks in the region to assess their capabilities and benchmark readiness against peers in the race towards Open Banking.

Developed in partnership with IDC Financial Insights, the Finastra Open Banking Readiness Index measures banks across five dimensions – adoption of APIs, FinTech/third-party ecosystem, state of data-based transformation, data monetization, and state of innovation.

It is based on interviews and surveys with C-suite executives, Heads of IT and Chief Digital Officers from the top 146 banks across 14 markets in Asia Pacific – Singapore, Australia, Hong Kong, New Zealand, China, Malaysia, South Korea, India, Thailand, Taiwan, Japan Philippines, Indonesia and Vietnam.

Imad Abou Haidar, managing director, Asia Pacific at Finastra said, “The future of finance is open. We see an unprecedented opportunity to transform the value chain of banking by leveraging on Open APIs and cloud technology to create new value for customers through faster innovation.

“We look forward to banks in the region leveraging the framework and insights provided by the Index to identify areas for improvement and cash in on the promise of Open Banking to deliver truly transformative financial services.”

Its survey found that Hong Kong is as one of the top three markets in Asia Pacific in Open Banking readiness, alongside Singapore and Australia.

Another key finding was platforms are set to play a significant role in managing the convergence of capabilities as 85% of banks agree that ‘a platform’ will be the key to binding the customer, business and technology capabilities together. However, only 25% of Asia-Pacific banks are in the advanced stage of data-based transformation.

Smita Gupta, senior director, regional marketing, Asia Pacific at Finastra added, “The Finastra Open Banking Readiness Index is a first-in-the-industry research report which offers banks actionable scorecards and insights to further drive their innovation and growth aspirations in this dynamic region.

“We are committed to helping banks realise the benefits of Open Banking to increase their customer reach, create alternate direct and indirect revenue streams, and drive greater innovation through transforming how they work with third parties to bring new propositions to market.”

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