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1
2
Key challenges facing banks
The Engagement Challenge – Banking is not in vogue
3
Key challenges facing banks
The acquisition challenge - digital channels are not enabling customer
acquisition
?
4
The most successful digital business models
According to MIT research, the “ecosystem drivers” are the most successful
d...
5
Digital ‘ecosystems’ support ‘Lifestyle’ needs
Banking must be integrated into ecosystems frequented by customers
6
Quick definitions – Open Banking
Providing 3rd parties access to Banking Data via APIs
• Open banking is a banking pract...
7
Open Banking – what should Banks do?
1 2 3
Banks must think beyond compliance to maximise ROI on Open Banking investment...
8
Open Banking Data Aggregation
How can we use Open Banking Data to improve customer engagement?
Aggregation Services
Bank...
9
Use Case – Market Product Comparison
Use the Open Banking Product Information API to compare Loans
Aggregation Services
...
10
Use Case – Aggregated View of Accounts &
Transactions
Use the Open Banking Account API to present aggregated Accounts, ...
11
Use Case – Savings Tips & Recommendations
Use the Open Banking Product Information & Account Information API to present...
12
Use Case – Accounts Receivable (money due)
Use the Cloud Accounting APIs to aggregate Invoice data
Aggregation Services...
13
A simple approach to driving customer acquisition
Leveraging Open Banking & Accounting data to provide rich insights &
...
14
A Global Product Recommendation API
The API supports multiple API geographies including UK & Australia
15
101Pay - SME app with Banking, Invoicing & Loans
Banks must consider the unique needs of the customer segments
Segment:...
16
Open Banking for Everyone
101 Digital is helping connect the Open Banking & Open Finance community
https://www.bank-api...
17
For more information, please visit 101digital.io
Or contact us at +65 8339 0399
THANK YOU
This material is proprietary ...
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apidays LIVE Hong Kong 2021 - Driving Digital Customer Acquisition with Open Banking by Rana Peries, 101 Digital

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apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange
August 25 & 26, 2021

Driving Digital Customer Acquisition with Open Banking
Rana Peries, CTO of 101 Digital

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apidays LIVE Hong Kong 2021 - Driving Digital Customer Acquisition with Open Banking by Rana Peries, 101 Digital

  1. 1. 1
  2. 2. 2 Key challenges facing banks The Engagement Challenge – Banking is not in vogue
  3. 3. 3 Key challenges facing banks The acquisition challenge - digital channels are not enabling customer acquisition ?
  4. 4. 4 The most successful digital business models According to MIT research, the “ecosystem drivers” are the most successful digital businesses • High-growth companies don’t go it alone. Increasingly, they are achieving results by creating and orchestrating digitally connected ecosystems — coordinated networks of enterprises, devices, and customers — that create value for all of their participants. • In Australia, real estate platform driver Domain partners with about 35 mortgage lenders to offer homebuyers more loan choices. In the second half of 2019, the company’s Consumer Solutions segment, which consists of its loans, insurance, and utilities connections businesses, grew revenue by 72% Source: https://sloanreview.mit.edu/article/driving-growth-in- digital-ecosystems/
  5. 5. 5 Digital ‘ecosystems’ support ‘Lifestyle’ needs Banking must be integrated into ecosystems frequented by customers
  6. 6. 6 Quick definitions – Open Banking Providing 3rd parties access to Banking Data via APIs • Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). • Open banking will allow the networking of accounts and data across institutions for use by consumers, financial institutions, and third- party service providers. Open banking is becoming a major source of innovation that is poised to reshape the banking industry. Source: https://www.investopedia.com/terms/o/open-banking.asp
  7. 7. 7 Open Banking – what should Banks do? 1 2 3 Banks must think beyond compliance to maximise ROI on Open Banking investments Open Banking Services Aggregation Services
  8. 8. 8 Open Banking Data Aggregation How can we use Open Banking Data to improve customer engagement? Aggregation Services Banking Platforms Open Banking Services Client Applications Product Comparison Account Aggregation Account Opening . . . API Management & Security API Management & Security
  9. 9. 9 Use Case – Market Product Comparison Use the Open Banking Product Information API to compare Loans Aggregation Services Open Banking Services Product Comparison Account Aggregation Account Opening . . . Open Data Account Information Payment Initiation Bank #1 Open Data Account Information Payment Initiation Bank #2
  10. 10. 10 Use Case – Aggregated View of Accounts & Transactions Use the Open Banking Account API to present aggregated Accounts, Transaction & Cashflow Aggregation Services Open Banking Services Product Comparison Account Aggregation Account Opening . . . Open Data Account Information Payment Initiation Bank #1 Open Data Account Information Payment Initiation Bank #2
  11. 11. 11 Use Case – Savings Tips & Recommendations Use the Open Banking Product Information & Account Information API to present Tips Aggregation Services Open Banking Services Product Comparison Account Aggregation Account Opening . . . Open Data Account Information Payment Initiation Bank #1 Open Data Account Information Payment Initiation Bank #2
  12. 12. 12 Use Case – Accounts Receivable (money due) Use the Cloud Accounting APIs to aggregate Invoice data Aggregation Services Cloud Accounting Accounts Receivable . . . Invoice Data Xero Invoice Data Customer Data Quickbooks
  13. 13. 13 A simple approach to driving customer acquisition Leveraging Open Banking & Accounting data to provide rich insights & recommendations
  14. 14. 14 A Global Product Recommendation API The API supports multiple API geographies including UK & Australia
  15. 15. 15 101Pay - SME app with Banking, Invoicing & Loans Banks must consider the unique needs of the customer segments Segment: SME (B2C) Proposition: SME Account Management & Cashflow Optimisation Markets: Global (Open Banking Markets) Features: - Aggregated Accounts - Consolidated view of Transactions - Product Comparisons - Invoices & payment requests - Get paid via Bank - SME Loans
  16. 16. 16 Open Banking for Everyone 101 Digital is helping connect the Open Banking & Open Finance community https://www.bank-api.net https://www.openbankingdirectory.io https://www.linkedin.com/company/open-banking-directory https://www.linkedin.com/company/bankapi
  17. 17. 17 For more information, please visit 101digital.io Or contact us at +65 8339 0399 THANK YOU This material is proprietary to 101 DIGITAL PTE LTD. It contains trade secrets and confidential information which is solely the property of 101 DIGITAL PTE LTD. This material is solely for the client’s internal use. This material shall not be used, reproduced, copied, disclosed, transmitted, in whole or in part, without the express consent of 101 DIGITAL PTE LTD.

apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange August 25 & 26, 2021 Driving Digital Customer Acquisition with Open Banking Rana Peries, CTO of 101 Digital

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