By adopting the Bank as a Platform vision, the global bank has been able to support the development of an entire digital banking ecosystem. Appropriate governance rules and secure open APIs mean that third parties can be integrated into the process, setting the stage for a future in which customers can interact with their entire financial lives through a single user interface.
Enable the bank to operate under a platform model, based on Open APIs
- Maintain customer engagement in an increasingly competitive market where new entrants and fintech companies are challenging customer loyalty at traditional banks
- Monetise the bank’s data assets by enabling third parties to use these data sets to build new services
- Guarantee an exceptionally high level of data security and privacy according to banking regulations
Design and implementation of API development framework used across 11 banks in 35 countries
- Working with teams across the banking group, GFT analysed the bank’s current web and mobile traffic patterns, as well as customer interactions, to plan the user experience journey
- The teams designed the front-end architecture of the bank platform so it would function across cultures and continents in multiple languages, also securely gathering APIs
- GFT focussed heavily on architecture aspects, the governance model and the selection of the appropriate tools and software solutions
Project closure provided a proof-of-concept and a blueprint for the functionality of the API infrastructure.
Sustainable model for the digital bank of the 21st century
- The Bank as a Platform architecture enables the bank to migrate to an API-focussed service development model, accelerating delivery of innovative services to customers
- Closer customer engagement allowing them to benefit from more relevant, event-driven offers that accurately match their needs, as well as smoother transactional experiences with third parties
- New third-party revenue streams enabled through open APIs