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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
Global Fintech Adoption Index
Increasingly consumers are accessing financial services via Fintechs (non
Banks)
Source: E...
5
The most successful digital business models
According to MIT research, the “ecosystem drivers” are the most successful
d...
6
Digital ‘ecosystems’ support ‘Lifestyle’ needs
Banking must be integrated into ecosystems frequented by customers
7
Quick definitions – Open Banking
Providing 3rd parties access to Banking Data via APIs
• Open banking is a banking pract...
8
Quick definitions – Banking as a Service
Providing 3rd parties access to Banking Services via APIs
• BaaS is an end-to-e...
9
Quick definitions – Embedded Finance
Ability to seamlessly integrate Banking & financial services into customer
ecosyste...
10
Open Banking & Aggregation Architecture
What are the key Architecture components enabling the Open Banking Business
Mod...
11
Open Banking – what should Banks do?
1 2 3 4
Tip #1: Banks must think beyond compliance to maximise ROI on Open Banking...
12
Case study – Retail consumer app with aggregated
accounts
Tip #2: Banks must consider features that are useful to the c...
13
Case study – SME app with aggregated accounts &
loans
Tip #3: Banks must consider the unique needs of the customer segm...
14
Importance of the ecosystem in idea generation
Tip #4: Banks must leverage the partner ecosystem to drive customer
acqu...
15
Case Study – Banking as a Service
Tip #4: Banks must leverage the partner ecosystem to drive customer
acquisition at sc...
16
Dakko – Corporate Health & Wellbeing Platform
Tip #5: Banks must consider APIs that allow them to participate in (EF)
e...
17
Open Banking for Everyone
What is 101 Digital doing to support the Open Banking adoption?
https://openbankingaustralia....
18
Open Banking for Everyone
What is 101 Digital doing to support the Open Banking adoption?
https://www.bank-api.net http...
19
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 Singapore - Open Banking: Successful Implementation Strategies by Rana Peries, 101 Digital

apidays LIVE Singapore 2021 - Digitisation, Connected Services and Embedded Finance
April 21 & 22, 2021

Open Banking: Successful Implementation Strategies
Rana Peries, CTO & Co-founder of 101 Digital

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apidays LIVE Singapore - Open Banking: Successful Implementation Strategies 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 Global Fintech Adoption Index Increasingly consumers are accessing financial services via Fintechs (non Banks) Source: EY Global Fintech Adoption Index 2019
  5. 5. 5 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/
  6. 6. 6 Digital ‘ecosystems’ support ‘Lifestyle’ needs Banking must be integrated into ecosystems frequented by customers
  7. 7. 7 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
  8. 8. 8 Quick definitions – Banking as a Service Providing 3rd parties access to Banking Services via APIs • BaaS is an end-to-end model that allows digital banks and other third parties to connect with banks' systems directly via APIs so they can build banking offerings on top of the providers' regulated infrastructure, as well as unlock the open banking opportunity reshaping the global financial services landscape. Source: https://www.businessinsider.com/banking-as-a-service-industry
  9. 9. 9 Quick definitions – Embedded Finance Ability to seamlessly integrate Banking & financial services into customer ecosystems • Embedded Finance is the use of Banking-as-a- Service and API-driven banking and payments services to integrate financial services within other environments and ecosystems. • Brands ‘lease’ access to tools and services offered by Embedded Finance providers, and use them to build financial products without the associated development and compliance costs. Source: https://www.openpayd.com/blog/what-is-embedded-finance
  10. 10. 10 Open Banking & Aggregation Architecture What are the key Architecture components enabling the Open Banking Business Models? Aggregation Services Banking Platforms Open Banking Services Client Applications Product Comparison Account Aggregation Account Opening . . . API Management & Security API Management & Security
  11. 11. 11 Open Banking – what should Banks do? 1 2 3 4 Tip #1: Banks must think beyond compliance to maximise ROI on Open Banking investments Open Banking Services Aggregation Services
  12. 12. 12 Case study – Retail consumer app with aggregated accounts Tip #2: Banks must consider features that are useful to the consumer (and beyond one Bank) Segment: Retail / Consumer (B2C) Proposition: Consumer Account Management & Savings Optimisation Markets: Global (Open Banking Markets) Features: - Aggregated Accounts - Consolidated view of Transactions - Product Comparisons - Wealth optimisation - Pay via Bank
  13. 13. 13 Case study – SME app with aggregated accounts & loans Tip #3: 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
  14. 14. 14 Importance of the ecosystem in idea generation Tip #4: Banks must leverage the partner ecosystem to drive customer acquisition at scale
  15. 15. 15 Case Study – Banking as a Service Tip #4: Banks must leverage the partner ecosystem to drive customer acquisition at scale Segment: SME, Retail, Corporate (B2B2C) Proposition: Lending, Wealth Management, Payments Markets: Africa Features: - Banking as a Service - B2B and B2B2C business models - Rapid scale through partnerships - Partner ecosystems drives customer acquisition
  16. 16. 16 Dakko – Corporate Health & Wellbeing Platform Tip #5: Banks must consider APIs that allow them to participate in (EF) ecosystems Segment: Corporate & SME Proposition: Health & Wellbeing Marketplace, Medical Loans & Insurance Markets: Global Features: - Employee Engagement (digital payslips, directory) - Health Care Provider directory - Health & Wellbeing marketplace - Medical Loans - Insurance Play Video
  17. 17. 17 Open Banking for Everyone What is 101 Digital doing to support the Open Banking adoption? https://openbankingaustralia.bank-api.net/apis
  18. 18. 18 Open Banking for Everyone What is 101 Digital doing to support the Open Banking adoption? https://www.bank-api.net https://www.openbankingdirectory.io https://www.linkedin.com/company/open-banking-directory https://www.linkedin.com/company/bankapi
  19. 19. 19 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.

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