API Enablement for Digital Banks

Deploy APIs. Share APIs. Co-Create with APIs. Optimize APIs.

In recent years, fintech startups and cutting-edge banks have started to disrupt the business of traditional banks. The best response for a bank: Deploy APIs. Share APIs. Co-Create with APIs. Optimize APIs.

This API Enablement strategy moves banks higher up the API Tower of Evolution:

  • Deploy APIs: Deploy digital business models using internal APIs.
  • Share APIs: Create new revenue streams with value-added services built on external APIs.
  • Co-Create with APIs: Build innovative solutions together with clients and partners.
  • Optimize APIs: Optimize and scale capacity through effective techniques for API management.

Through API Enablement, banks can transform themselves from spectators in the digital economy to being hands-on participants in the financial services of the future.

Deploy APIs

Enable Digital Business Models with Internal APIs

APIs encapsulate legacy resources behind a standardized set of interfaces that can be deployed internally within a bank.

Internal APIs enable:

  • A single view of the customer
  • A single view of the bank to customers
  • Improved customer service through predictive analytics and customized advice
  • Access to a full range of services through multiple channels (e.g., mobile, tablet, kiosk, ATM and IVR)
  • Consistent governance through a central repository of business rules
  • Improved data control, monitoring and information security practices
  • Enhanced compliance

Through APIs, banks can create a digital ecosystem to facilitate a highly-personalized digital experience within the context of the bank’s own offerings.

By starting the evolution with internal APIs, the bank can invest the time and effort to ensure the proper functionality and maturity of each API as a precursor to having external, shareable APIs.

Share APIs

Create New Revenue Streams with Value-Added Services

Customers are already starting to discover convenient and contextually-relevant financial services embedded into the user experience of other digital services.

That’s why, in today’s digitally-connected world, the app developer community has become one of a bank’s most important constituents. App developers are in the midst of creating a new wave of digital financial services that will run on an expanding universe of devices and form factors, from smartphones to wearable computers. For these developers reinventing digital financial services of the future, the essential building block is the application program interface, or API.

By providing developers with open, secure and reliable APIs, banks can ensure that they remain part of the conversation as financial services become more closely intertwined with the digital economy.

For banks, extending a robust set of APIs to the external developer community will yield rich rewards measured by new customer enrollments, new revenue streams and the ability to extend the bank brand into the emerging digital economy.

Co-Create with APIs

Co-Creation with Clients and Partners

Once APIs are available to both internal and external users, the possibilities are endless.

The co-creation of innovative solutions involves consistent conversations between banks, their clients and their partners. Through direct partnership and involvement with multiple stakeholders, banks can design and build contextual, personalized solutions with the highest potential for marketplace adoption and success.

Optimize APIs

Optimizing and Scaling

Prepare for success with API management.

Organizations with APIs in the marketplace often discover that successful ideas quickly scale beyond what was initially scoped. In the digital economy, the scalability question arises faster than ever, especially with the expansion of computing networks powered by wearable form factors and the Internet of Things.

API management ensures that bank APIs are optimized for any given workload, and ready for the transition to “Internet scale” solutions.

Mindtree API Enablement Assessments

Take your first step on the API Tower of Evolution.

To begin the journey toward API enablement, Mindtree recommends:

  • A current-state study that engages business and technical stakeholders to develop an understanding of current challenges;
  • An evaluation of industry trends in API usage across other industries, in order to apply lessons learned elsewhere to build traction in banking;
  • and an assessment with recommendations, including a detailed, phased roadmap prioritizing key areas for API enablement.

Organizations that have followed this approach to API enablement have solidified their strategic positioning as digital providers within their respective industries. Some examples:

  • A leading global bank reviewed its extensive lineup of products and services throughout its entire technology architecture. The exercise uncovered many operational challenges and business growth opportunities, driving the creation of an actionable roadmap to API enablement across the organization.
  • A leading home improvement retailer relies upon an API framework that supports multiple consumer types through multiple channels, from online and mobile to in-car entertainment, delivering increased business agility and reduced development costs.
  • A leading U.K. household goods company exposes services through multiple access channels through an API framework using a single published interface.
  • A leading U.S. department store chain offers a seamless experience through all available shopping channels and to the developer community through a single API platform.
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