A platform business model isn't a new concept. But it's taking over the financial services landscape and at the heart of the changes in the competitive dynamics of banking.
A platform requires a mechanism for matching consumers to the right providers, and for enabling providers to reach the right consumers who come to the platform.The toolkit is what enables providers to easily plug into the platform, and to integrate with consumers.BBVA, Capital One, Citibank, Deutsche Bank, HSBC, and Wells Fargo all have some form of developer hub, portal, or exchange that enables third-party apps to access, integrate, and/or extract data about the bank's customer base.
SAS claims to have an"open analytics platform that's accessible from the interface or coding language of your choice," and IBM offers the Watson Data Platform, but as best as I can tell neither integrates any third-party providers. Looking ahead, it will be interesting to see what Salesforce does to leverage its Mulesoft and Tableau acquisitions. Offering an analytics platform would be a logical extension of these firms' capabilities.Cloud-based bank API services platform that leverages APIs to enable banks to offer a wide variety of new business banking products and services to their business customers.
In December 2018, the company announced a $4 million funding round and a partnership with JPMorgan Chase to help the bank develop pilot programs for the corporate treasurers of Chase’s business banking customers.There's an emerging set of players in the fintech vendor space that might be thought of as"core integration platforms." These providers enable financial institutions to better integrate ancillary systems with their cores.
, Karen Yeung wrote, “Personalization practices foster and exacerbate the asymmetry of power between profilers and those to whom personalized services are provided, thereby increasing the opportunities for the former to exploit the latter.”
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