The open banking revolution is on. Banks and credit unions can grouse about startups and financial technology companies taking their business, or take full advantage of the opportunities.
With open, or public, APIs, a bank securely opens data, products, processes or other business assets to developers and third-party partnerships over the public internet. The results can include: expanded market presence, increased sales, new innovation potential, stronger relationships with clients and new revenue streams.
That’s no small feat. So what does it take?
Everyone Has a Role
Your own open API strategy means your organization can speed up the pace of innovation and expand services for customers through collaboration and partnerships with third parties.
Business success is the responsibility of everyone -- instead of seeing an API strategy as something for the CIO and technology team to fix, or as a compliance issue to satisfy regulators with the minimum necessary.
View it as a business imperative. Representatives from all over the organization – from lines of business to product development, sales and, of course, technology – must team up on the strategy and execution.
Working together, you can pinpoint opportunities to collaborate within and outside the organization. You can identify new business possibilities and create a positive impact on customers.
Six Keys to a Successful API Strategy
Where to begin? It all starts with a comprehensive strategy. Here are six keys to success:
Learn, Dream, Realize
Innovation is a journey that takes vision, experience, expertise, collaboration and attention to detail. We help companies connect with their customers, define business needs, and focus on opportunities to innovate and support their strategic goals.
At Summa, “Discovery Workshops” and “Technology Studio” sessions with our clients are where we start to understand their needs and start to formulate the strategy. The software architecture blueprinting, technical recommendations and co-creation help to create the roadmap. The usability design and testing provide crucial feedback from customers before going all in with the implementation.
The journey takes vision, patience, care and teamwork. Where you start depends on where you are now, what you hope to accomplish next and the biggest challenges that lie ahead.
For an explanation of APIs, read “Why API Spells Innovation and Success for Your Bank.”
Key digital transformations can help your organization stand out and provide unique customer experiences.
Connect with us for a complimentary 1:1 call with our financial services expert.