Open Bank Project API Days API Strat Berlin 2015
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Transcript of Open Bank Project API Days API Strat Berlin 2015
Background
• What is the Open Bank Project"
• Results of Open Banking API Survey"
• @simsysims"
• @iChaib"
Agenda
@iChaib"
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!
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
Background
Open Banking Research together with Bank Innovation
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
Strong appetite for APIs
63% banks either have launched an API initiative or will launch it in 2015
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 !
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
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!
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?!
Banks can install our Scala implementation / implement the standard
Dual licensed under AGPL and commercial licenses
https://github.com/OpenBankProject/
OBP-API/wiki
