Open Bank Project API Days API Strat Berlin 2015
- 1. Simon Redfern, CEO! simon@tesobe.com! Understanding APIs in Banking
- 2. Background • What is the Open Bank Project" • Results of Open Banking API Survey" • @simsysims" • @iChaib" Agenda @iChaib"
- 3. The Open Bank Project The Open Bank Project is an open source API and App Store for banks ! and a developer community around.! 1/ Standard Banking API! 2/ Developer ! Community! 3/ App Store!
- 4. How it works OBP API! Bank’s Legacy IT System! Bank’s! Customers! Provided by their bank! OBP App store! 3 2 1 (On different platforms)! Use innovative financial apps! Card-linked offers! Cash management! Accounting!ERP! KYC! CRM! Crowdfunding! jQuery! Savings! Gamification!Data! Visualisation! Advisory! PFM! AML! Anti fraud!Regulation! Financial Institution’s data center / cloud / appliance Operated by the bank
- 5. Background Open Banking Research together with Bank Innovation
- 6. Distribution of results 133 Responses in one month Universal Bank 3% Retail Bank 38% Corporate Bank 14% Other Financial ins;tu;ons 6% Fintech-‐startups 23% Payment processors 6% Other 10% PER ORGANISATION Africa 5% APAC 9% Europe 58% La;n America 5% North America 21% Other 2% PER COUNTRY
- 7. Strong appetite for APIs 63% banks either have launched an API initiative or will launch it in 2015
- 8. Required for Banking APIs Consensus on Open APIs? Internal Access! 3rd Party! Access! Mgmt! &! Gov! REST! Interface! Open Data! Open! Standards! 88% - required ! 56% - required ! 77% - required ! 60% - required ! 57% - required ! 60% - required !
- 9. Expected Benefits 1) Rapid prototyping, 2) Improved customer experience and 3) Reputation - seen as key benefits of an API initiative 25% 20% 16% 18% 11% 11% 4% 17% 32% 37% 39% 28% 34% 27% 25% 11% 43% 44% 46% 54% 54% 62% 71% 72% 0% 20% 40% 60% 80% 100% 120% Compliance Cost-‐Reduc2on Be4er security Be4er data control and monitoring New revenue streams Reputa2onal -‐ seen to be innova2ve Improved customer service Rapid-‐prototyping of new services What API benefits are most important to you?! Not at all important or slightly important Important Very Important or Extremely important
- 10. What hinders API initiatives? Culture & security concerns halt API progress What hinders the emergence of an API initiative in your bank?! Corporate Culture / Bureaucracy! Security / Privacy Concerns! Lack of talent / know-how! Budget! Technology! Regulation! Other!
- 11. Closing the gap Success stories, education and support from upper management are critical to accelerate API initiatives Success ! Stories! From other banks! Regulation! Hackathons!POC! Business Case! Pressure from competitors! Education! Standardisation! Top management support! Proven Technology! What might accelerate an API initiative in your bank?!
- 12. Banks can install our Scala implementation / implement the standard Dual licensed under AGPL and commercial licenses https://github.com/OpenBankProject/ OBP-API/wiki