Recently Roy Urrico at Finopotamus interviewed NXTsoft Chairman David Brasfield about NXTsoft's OmniConnect and API Marketplace. Here is an excerpt of that article below.
Fintechs, open banking and application programming interfaces (APIs) appear to be a winning combination for the foreseeable future. Stimulating the growth and reshaping the future of the financial services industry is a surge in investment in personalized digital solutions.
A recent Research and Markets report anticipates the global fintech market to reach about $305 billion by 2025. Meanwhile the open banking marketplace already generated $7.29 billion globally in 2018 on the way to an expected $43.15 billion by 2026, per a recent Allied Market Research report. Driving adoption: new applications, digital services and APIs
A number of financial institutions have already entered the fintech realm by offering banking-as-a service (BaaS) products and services — typically developed by trusted third-party vendors and empowered via APIs. These credit unions and banks identified the movement toward embedded financial capabilities early on and opened up respective banking systems directly to software companies to protect against tech competition and to grab a broader deposit share.