The world of banking has changed dramatically over the course of the past decade or so, and the biggest reason behind those changes is modern technology. Modern technology has created systems and platforms that have made banking a lot easier both for customers as well as for those who work at the banks. One of the most important developments that further kick-started the move towards more tech was the explosion in Fintech all over the world. There was no way that some of the leading banks were going to fall behind. One of the more important developments during this period has been the Application Programming Interface or API, which has managed to revolutionize modern banking.
However, the APIs that are being used in a particular country needs to be standardized, and that is what consultancy firm Ernst & Young is going to help Nigeria with. It has emerged that EY, which is among the fabled ‘Big Four’ consultancy firms, has joined Open Banking Nigeria in order to create API standards for the banking industry in the African nation. The standardization procedure is primarily aimed at making sure that the financial data that is used in order to run an API is managed in a much better way. In this day and age, data management is possibly one of the most important functions of a bank and managing it well will make the APIs more efficient as well.
Open Banking Nigeria is a part of the Open Technology Foundation, and the organization is working to bring about digital as well as financial freedom in the country. In order to do so, it needs to further streamline the technologies that are being used to power the banking system in the country. In its efforts in Nigeria, the organization has zeroed in on standardizing the APIs that are used in banking and roped in EY so that the whole thing could be managed well. Open Banking Nigeria has actually been working towards this for some time, and back in 2017, it had roped in the United Kingdom-based banking consulting firm Open Vector into its circle. The plans made by Open Banking Nigeria are ambitious and one that could have far-reaching consequences if their plans come to fruition. It could prove to be a game-changer for the Fintech industry as well.