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:
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.
APIs encapsulate legacy resources behind a standardized set of interfaces that can be deployed internally within a bank.
Internal APIs enable:
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.
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.
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.
To begin the journey toward API enablement, Mindtree recommends:
Organizations that have followed this approach to API enablement have solidified their strategic positioning as digital providers within their respective industries. Some examples: