SEB Open Banking develops the bank’s offerings and services based on API technology (application programming interface), a technology for integrating between different companies’ software and systems.
Using Open Banking, financial actors open up, link together their business models and develop new services and functions generating added value for customers. We create new ecosystems, based on customer needs, between companies that have not previously had a reason or opportunity to work together.
For SEB this mostly relates, thus far, to offering APIs that give other actors access to banking, account and payment services. These are grouped in SEB’s developer portal which was launched in 2018 and is under constant development. At the same time, there is a focus on the type of data the bank can obtain outside in order to give its customers an even better service. One example might be that a customer buys an insurance policy via SEB. The insurance content is based on data collected from different providers which guarantees that it covers all the policyholder’s needs – both for personal and financial circumstances.
Open Banking is one of the bank’s key development areas and has had its own organisation within SEB since 2019. Development work is based on an ongoing dialogue with partners and customers in order to understand their needs and be able to translate them into an Open Banking solution, an API or a new service in SEB’s internet bank.