More and more financial institutions are driving value by collaborating with Fintechs, usually by leveraging open APIs. This strategy is in direct contrast to the way in which banks have traditionally managed their businesses, which is to directly own technology resources and keep everything firmly closed.
Increasingly being referred to as the platform economy, drivers behind this revolution in financial services include regulations such as PSD2, which is forcing banks to open up payment data to third parties and customers. https://goo.gl/7VmEb4
