Savings Account APIs to transform retail banking in India | Cashfree Payments

Banking as a Service ebook

Savings Account APIs to transform retail banking in India: Report

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Why a savings account API?

APIs can ‘decentralise’ banking, thus changing the way savings accounts of the future will be opened, accessed and managed. Savings account functionalities like deposits, cash withdrawals, payments, funds transfers, among others, can turn into a set of APIs, each of which then becomes Banking as a Service (BaaS) products to be leveraged. For banks, these allow them to unbundle and enable core processes like account opening, transactions and account management through fintechs, creating new retail banking touch-points. 


What does this report contain?

The report deep dives into the Indian landscape of savings account APIs, the innovation it enables and how this is changing the future of retail banking in India. It also presents the views of established and emerging fintech players in the Indian retail banking space, on various key aspects, ending with a proposal for a new regulatory model for a licensed BaaS intermediary. This will create a ‘superfintech’, enabling  white-labelled front-end business correspondents, ‘neobanks’ and other fintech models operating on the bank-fintech partnership model.

The report dives into the various forms savings account APIs take, and the specific use-cases and innovation it enables in the space, including targeted service offerings for millennials, agriculture marketplaces, family focussed financial services, and others. It also allows existing fintechs and B2C marketplaces to diversify into new offerings to their existing customer base. It  discusses the specific advantages that API aggregators offer from an infrastructure point of view, by aggregating APIs and providing APIs, SDKs and ‘no-code’ based solutions for quick integrations and launch of financial services. 

Are you a neo-bank, fintech or internet platform looking to offer banking services?

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