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The Path to Open Banking

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Financial services is under profound pressure to transform: legislative catalysts, heightened customer expectations and new fintech entrants are forcing banks and credit unions to re-consider their role in the banking value chain. Leading organizations are responding by moving from traditional paradigms of branch banking, to Banking-as-a-Service, where the bank becomes a platform of capabilities that can be accessed and monetized via APIs, to both internal and external consumers alike. Attend this session to learn how Coast Capital, Canada's largest credit union, is making this vision a reality.

Veröffentlicht in: Wirtschaft & Finanzen
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The Path to Open Banking

  1. 1. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital THEPATHTOOPENBANKING HOWBANKSAREENABLINGOPENAPIs
  2. 2. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 2 INTRODUCTIONS CHARLESBALDERS SENIORMANAGER–DIGITALINTEGRATION@DELOITTE DIGITALBANKING–ARCHATECTURESTRATEGY&SOLUTONDELIVERY Deloitte Digital Integration Leader Digital Banking Platforms & Solution Architectures Agile / LEAN Delivery JAGBHOGAL DIRECTOROFENTERPRISEARCHITECT,COASTCAPITALSAVINGS Jag leads the architecture function for Coast Capital Savings. Jag has been working within architecture and technology function with financial and large corporations for over 20 years. ?
  3. 3. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 3 AGENDA TOPIC LEAD TIMING APIs in Banking – Key Drivers & Trends Charles Balders 20 mins APIs at Coast Capital Jag Bhogal 10 mins Open APIs Charles Balders 15 mins
  4. 4. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital APIsINBANKING–KEYDRIVERS&TRENDS
  5. 5. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 5 CONCEPTUAL API REFERENCE ARCHITECTURE Enabling APIs across the enterprise requires comprehensive API Management & Governance capabilities. SERVICECONSUMERSYSTEMS/APPLICATIONS/MOBILEAPPS API Portal API Library / Documentation Portal Administration Community Tools ENTERPRISESYSTEMS/DATASTORES DEVELOPERS API Gateway Operations Management Monitoring User Management SLA Management Monetization APIManagement API Gateway (API Consumption) API Proxy Authentication Policy Enforcement Protocol Transformation DEVELOPERS Direction of flow of response data and arrow end point denoting API consumer Real-time / Batch / On Demand MultipleDistinct IntegrationLayers API Engine Translation Mapping Rules Auditing API’s Orchestration Connectors / Adapters
  6. 6. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital Modularity Incorporate patterns such as Microservices & Domain Driven Designs to abstract functionality and allow independent execution Velocity Ability to rapidly incorporate changes and deploy to environments Resiliency Ability to recover from system failures/disruptions gracefully 6 CLOUD NATIVE STRATEGY FOR API DEVELOPMENT With APIs frequently being used to expose core services and integration, adopting a cloud native approach provides the capability to rapidly develop, deploy & scale APIs . Scalability Handle increases in usage & load without impacting performance or customer experience CLOUDNATIVE APPROACH
  7. 7. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 7 DRIVERS FOR API ADOPTION IN BANKING The need to rapidly respond to changing customer needs and introduce new products & services is fuelling API adoption in the banking industry. BACKEND Legacy Core Banking CRM EXPERIENCE Mobile Responsive Web Extreme Velocity to create Digital Experiences Replacing Physical Need to incorporate new technologies e.g. FinTechs Modernize legacy systems & integrations Expose bank services in new ways (Move to OpenAPI) API API PROCESS Service Originate Transaction Creation of common ”OMNI Channel” capabilities (Decouple Experience!) SYSTEM Insights Account Product Customer FinTech FinTech FinTech
  8. 8. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital APIasa PRODUCT 8 ESTABLISH TECH-SAVVY PRODUCT OWNERS TO DRIVE API AGENDA Prior to embarking on API development, organizations need to ensure APIs have the clarity of a well-positioned product with a defined vision, value and audience. API Management & Productization goes beyond just technology roadmaps, it’s a business strategy PRICING,PACKAGING&MONETIZATION § Establish pricing structures (e.g. by API, by Customer, by Volumes) § Ascertain any bundling opportunities for market APIMANAGMENT § Control versions of APIs available in the market § Release updates/fixes to the market PRODUCTENGINEERING § Devise features/use cases for the API § Define roadmap § Design, develop & test DEVELOPERCOMMUNITY § Focus on Developer Experience § Forge community to use & innovate on API PRODUCTSUPPORT § Provide API documentation – technical, functional § Offer ongoing support – forums PRODUCTMARKETING § Determine go-to market strategy § Identify target customers
  9. 9. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 9 KEY FACTORS TO CONSIDER WHEN BUILDING OUT AN API A holistic approach to development & delivery achieves the customer-centricity, modularity and velocity required for API products. User Stories Burndown Leverage Agile Delivery Demonstrable functionality per Sprint § Develop functionality iteratively in deployable increments § Increase efficiency through regular feedback cadences § Continuously design, develop, test, and integrate features for increasingly complete and stable builds § Foster highly collaborative and cohesive multi-discipline teams that interact regularly during Sprints Cross-functional Scrum Consider the Developer Experience (DX) § Take a developer centric view to design and delivery § Employ a design-led approach to craft meaningful user experiences § Design based on rigorous research & analysis § Build what is necessary and sufficient § Trust but verify – test with real customers Wireframes User Journeys Personas Mobile App Single Responsibility Principle (Microservices) § Leverage-and-layer on top of existing assets and refrain from ripping & replacing existing APIs or data services § Minimize impact on existing IT, and create a new layer of agility to enable delivery of more functionality faster § Think multichannel and design device-agnostic and data-centric APIs § Focus on the business consumer when developing new APIs or reusing existing services API Management Platform API Design Product-Driven Governance § Establish effective processes, policies & cadences to manage and monitor the build, test and delivery of components in an Agile environment Project, Requirements Management API Management Platform Cloud Hosting Design for the Cloud § Leverage cloud infrastructure to enable the scalability, agility and availability needed to realize the value of Microservices and Continuous Integration and Delivery Scalable distributed database Build Automation DevOps Enablement from the start § Reduce bottlenecks observed in the latter stages of the development cycle § Enable accelerated software build and deployments through DevOps empowered Continuous Integration and Delivery § Employ a toolchain to automatically provision environments and track, archive, compile, package, test and deploy code using pre-defined parameters Continuous Integration Automated Load Testing
  10. 10. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital APIsATCOASTCAPITAL
  11. 11. Private & Confidential / Property of Coast Capital Savings 11 Coast Capital Savings Transformation Journey “Digital Transformation Journey across Canada” Superior Employee Experience Innovative & Competitive Coast Capital is embarking on a digital transformation journey q Access to the right information at the right time q Productivity suites q Strategic partnerships (fintechs and technology vendors) q Investments in potential new technologies and business models Superior Member Experience q Customer centric architecture q Banking anywhere, anytime q Data driven enterprise Flexible & Agile q Best of breed q Plug & Play architecture q Speed to market
  12. 12. Private & Confidential / Property of Coast Capital Savings 12 How Mulesoft is helping to drive transformation? „ Enhances member experience via APIs and Microservices „ Enabling quick time to market due to the reduced development and deployment timelines „ iPaas solution provides simplistic and quick approach to spinning up new environments as needed „ Investigating partnership options with fintechs and anticipating that Mulesoft platform will provide the foundational APIs for integration „ A new method of interaction with Tech-savvy customers and Fintechs „ New capabilities to enable new partnerships in the financial value chain „ Turn the bank’s services into a platform on which others can build valuable services Superior Member Experience Flexible & Agile Innovative & Competitive
  13. 13. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital OPENAPIs
  14. 14. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 14 HOW OPEN APIs IS DISRUPTING BANKING Open APIs enable an app to connect with multiple, different financial institutions, rather than having to use a different app for each organization, creating new ways for clients interact with their banks. WITHOUTOPENAPIs Bank App App App Online Banking Bank App App App Online Banking Bank App App App Online Banking § Different apps and user experiences for each bank § Digital connections with the client are direct, dedicated, and closed WITHOPENAPIs Bank App AppAPI API AppAPI Open API Bank App AppAPI API AppAPI Open API Bank App AppAPI API AppAPI Open API § Disruption of traditional relationship between banks and their clients § Interoperability through APIs available to external consumers Open API Customer App Open API Open API Regulated Interoperability Platform Bank App AppAPI API App API Open API Open API Banking-as-a- Platform API as a Channel Bank
  15. 15. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 15 CASE STUDY #1 – APIs NEW CHANNELS FOR BANKING AND AJACENT SERVICES Examples: § App-to-App Payroll Services § App-to-App Payment Services § Straight-through Processing § Clients accessing loyalty points § Clients accessing identity information for form-filling Bank App AppAPI API AppAPI Open API Customer App Open API A Spanish Bank has created new opportunities by opening APIs in their European and the U.S. operations § Hackathons: The bank’s move comes after having hosted several hackathons with sample APIs using cleaned, anonymized copies of big transactional data § Fintech Incubator: The bank also has a FinTech incubator program that aims to support a network of new startup partners App AppAPI API AppAPI Open API Connect Open API Identity Open API Accounts Open API Cards Open API Money Transfers Open API PayStats
  16. 16. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital App App App 16 CASE STUDY #2 – APIs AND BANKING-AS-A-SERVICE An European Bank has created a banking and payments platform that it sells as a service to other banks, large online merchants, and web operators § Full European banking license § Highly scalable platform allowing 2,000 registrations and 500,000 transaction per hour § Digital Multichannel approach for an enhanced and unique banking experience combining mobile, online and social media banking § Standardized interface (Open APIs) enables fast and easy integration of proprietary and third-party applications to increase customer value Open API Open API Open API Examples: § Online Gaming Requirements § Large Online Merchants § eCommerce Support Platform Bank App AppAPI API App API Open API Open API Bank Open API API API API Banking Services Non-Banking Services Payment Services
  17. 17. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 17 CASE STUDY #3 – APIs AS AN ECOSYSTEM ENABLER Examples: § 360 view across all a client’s financial relationships, § Transaction aggregation and analysis § Non-bank intermediaries (e.g. digital financial management, planning, advice, marketplaces) One U.K. Bank sells other banks products and gives customers a single view and consistent user experience across all their banking relationships § It is a mobile bank being built from the ground up § Only offering one product: A current account with a card) § BUT, using Open APIs, the Bank incorporates other bank’s products into their app, focusing instead on owning the user experience Bank App AppAPI API AppAPI Open API App Open API Fintech App Open API Open API Open API Open API Open API Open API Open API Accounts Open API Cards Open API Investments Open API FX Open API Loans Open API Mortgages Open API
  18. 18. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital 18 CASE STUDY #4 – APIs AND REGULATED INTEROPERABILITY Examples: § In Europe Payment Services Directive 2 (PSD2) stipulates that bank customers should have the right to access their financial information and connect it in anyway they want putting an end to data protectionism with the Access to Accounts (XS2A) § The Midata legislation proposed in the UK § Central Bank of Singapore initiatives Ultimately, banks may not have a choice of opening up APIs, as we have seen with PDS2 in Europe § With PSD2, the client’s banking app does not have to come from their bank, or from any bank § The user experience is separate from any specific financial institution § Clients could choose the app experience they like best, and use that one app to access different banks and services in one place § The implication is that if clients are able to switch banks without changing their user experience, banking is being commoditized Open API Bank App AppAPI API AppAPI Bank App AppAPI API AppAPI Open API Open API Bank App FinTech App Financial Service AppOpen API Open API Open API Open API Open API Open API Open API
  19. 19. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital ANY QUESTIONS? 19
  20. 20. All contents © MuleSoft Inc. Don’t forget the survey 20 • Why take the survey? – Takes less than 2 minutes – We value your feedback and apply it when deciding next year’s content and speakers – Surveys = Prizes!! Earn 55 points for a chance to win $250 in cash prizes • See “Play To Win” in the Mobile App for details • Where’s my survey? – Log into the mobile app – Click “Surveys” on the Tool Bar – Find the relevant survey for this session slot
  21. 21. COPYRIGHT © 2016 DELOITTE DEVELOPMENT LLC. ALL RIGHTS RESERVED. Deloitte Digital

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