Ever since the Payment Services Directive (PSD2) came into force, banks have been required to open up interfaces to third-party providers. What started as a regulatory obligation has ushered in a new era in the emergence of new business models. In this context, API management systems support the optimisation of value creation and banking operations in conjunction with external stakeholders, as well as the design of innovative revenue models. New business models emerge when a bank’s services and data are made available to external players. This happens where banks work with each other or companies that are not financial institutions, but which do make use of these services and information.
DIGITAL ECOSYSTEMS IN BANKING
OPEN BANKING AND API MANAGEMENT
Platform economy conquers the banking market
Open Banking and Beyond Banking are revolutionising the financial sector
Interfaces open the door to new markets – and banks are no different
Growth potential forms in ecosystems and on platforms
Digital ecosystems and platforms create new opportunities and growth potential for banks. Interfaces form the basis for this – application programming interfaces (API). They provide access to one or more functions in a bank. A corresponding management system (API management) is needed to administer a number of these services. Examples of services that are made available via APIs are access to customers’ third-party accounts (PSD2), access to customer information or to product information.
API Lifecycle & Integration
New business models are created when you make your bank's services accessible externally and thus open up new customer contact points that are operated outside your own environment. In this way, you can become an active player in digital ecosystems. Integrating external services into your environment via APIs (Application Programming Interfaces) also expands your range of innovative and customer-centric services.
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