Banks that are struggling to harness the potentials of open banking can be compared to opening a shop and neglecting to fill it with any products that people want to buy. Creating an API for companies to plug in to took it to another level. While the basic functionality of Tikkie was already popular, empowering external developers to create products and services is what made it more competitive. This resulted in the development of the Business Account Insights, Business Account Payment, Business Account Notifications and FX Trade APIs and more to come. Combining that with blogs and big events, inspired many developers and companies to create an account and start developing new user experiences, integrations and process automations.
The bricks and mortar of the physical establishment are not what bring in a profit – it is the products and the customer service that the shopkeeper offers that make it a competitive business model. Being aware that building this combination takes time, this is where certain other institutions may still be struggling to fully harness the potential of Open Banking. In the short run, that could mean that it takes a bit longer to develop a large portfolio of API products, but the upside is greater in the long run as you can future proof your business with the structural and behavioral change that it nurtures.