New Sustainable Fintech Business Models Created by Open Application Programming Interface Technology: A Case Study of Korea’s Open Banking Application Programming Interface Platform

Fintech facilitates financial inclusion by introducing new sustainable and accessible business models in developing countries. Open banking API technology is used by various fintech businesses in both developing and developed countries, with varying effects on financial markets. It changes the finan...

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Vydáno v:Sustainability Ročník 16; číslo 16; s. 7187
Hlavní autoři: Oh, Sangseung, Chung, Gyongchan, Cho, Keuntae
Médium: Journal Article
Jazyk:angličtina
Vydáno: Basel MDPI AG 01.08.2024
Témata:
Application Programming Interface
Bank technology
Banking industry
Banks (Finance)
Business
Business models
Case studies
Customer services
Environmental aspects
Financial institutions
Financial services
General Data Protection Regulation
Information services
Infrastructure
International organizations
Methods
Retail banking
Securities markets
Sustainable development
Technology application
South Korea
United Kingdom > UK
Europe
ISSN:2071-1050, 2071-1050
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Abstract Fintech facilitates financial inclusion by introducing new sustainable and accessible business models in developing countries. Open banking API technology is used by various fintech businesses in both developing and developed countries, with varying effects on financial markets. It changes the financial market distribution structure by separating financial product manufacturing and distribution and intensifying competition between traditional financial institutions and fintech companies. Fintech companies innovate by using this tool to create new business models. In December 2019, Korea established a standardized “open banking API platform”, sharing an interbank payment network with fintech companies. It has since shown explosive growth, surpassing the trading volume of the UK, the country that introduced open banking APIs for the first time. This study analyzes new business models fintech companies created using this API technology. Based on existing literature, statistics from the platform operator (the Korea Financial Telecommunications and Clearings Institute), and investigations of 30 Korean fintech mobile applications, this study analyzes new fintech business models that provide financial services using this platform. These companies create sustainable business models by combining multiple APIs. Four representative business models (simple funds transfer, simple payment, cross-border remittance, and asset management) are analyzed to reveal how fintech companies create business models with open APIs.
AbstractList Fintech facilitates financial inclusion by introducing new sustainable and accessible business models in developing countries. Open banking API technology is used by various fintech businesses in both developing and developed countries, with varying effects on financial markets. It changes the financial market distribution structure by separating financial product manufacturing and distribution and intensifying competition between traditional financial institutions and fintech companies. Fintech companies innovate by using this tool to create new business models. In December 2019, Korea established a standardized “open banking API platform”, sharing an interbank payment network with fintech companies. It has since shown explosive growth, surpassing the trading volume of the UK, the country that introduced open banking APIs for the first time. This study analyzes new business models fintech companies created using this API technology. Based on existing literature, statistics from the platform operator (the Korea Financial Telecommunications and Clearings Institute), and investigations of 30 Korean fintech mobile applications, this study analyzes new fintech business models that provide financial services using this platform. These companies create sustainable business models by combining multiple APIs. Four representative business models (simple funds transfer, simple payment, cross-border remittance, and asset management) are analyzed to reveal how fintech companies create business models with open APIs.
Audience Academic
Author Oh, Sangseung
Chung, Gyongchan
Cho, Keuntae
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10.1109/MC.2021.3108402
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SubjectTerms Application Programming Interface
Bank technology
Banking industry
Banks (Finance)
Business
Business models
Case studies
Customer services
Environmental aspects
Financial institutions
Financial services
General Data Protection Regulation
Information services
Infrastructure
International organizations
Methods
Retail banking
Securities markets
Sustainable development
Technology application
Title New Sustainable Fintech Business Models Created by Open Application Programming Interface Technology: A Case Study of Korea’s Open Banking Application Programming Interface Platform
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