Banks need to leverage open banking and digital ecosystems to drive customer acquisition and engagement. Open banking APIs can be used to aggregate customer accounts, transactions, and products across institutions to provide a holistic view. This data can then be used to generate savings tips, recommendations, and comparisons to improve the customer experience. Partnering with other digital platforms allows banks to integrate banking and financial services into customers' existing ecosystems. This ecosystem approach supports lifestyle needs and has the potential to accelerate acquisition through data and partnerships.

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Key challenges facing Banks
The Engagement Challenge – Banking is not in vogue

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Key challenges facing Banks
The Acquisition challenge - digital channels are not enabling customer acquisition
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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/

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JULY
Australia
SEPTEMBER
Singapore
APRIL
Helsinki & North
MARCH
Paris
DECEMBER
London
OCTOBER
Jakarta
FEBRUARY
Hong Kong
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JUNE
India
MAY
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Digital ‘ecosystems’ support ‘Lifestyle’ needs
Banking must be integrated into ecosystems frequented by customers

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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

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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

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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

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The ‘ecosystem model’ can help accelerate acquisition and engagement
The platform serves as a ‘data acquisition’ tool enabling a range of new opportunities
Supplier
Family
Employees
Customers
• Salary / Loans
• Savings
• Medical
• Retirement
• Payments
• Billing &Invoicing
• Working capital
• Insurance
• Payments
• Marketplace
• Loans
• Insurance
• Payments
• Insurance
• Savings
• Loans
• Payments
• Investments

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Case Study – Banking as a Service (Africa)
Using a partner ecosystem to enhance / grow the distribution channels
Segment: SME, Retail, Corporate
Proposition: Lending, Wealth Management, Payments
Markets: Africa
Features:
- Banking as a Service Platform
- Multiple propositions developed by partners (B2B &
B2B2C)
- Rapid scale through partnerships
- Aggregation of Banking & Lifestyle services
- Complete range of in-market payment services
including pre-paid

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The 101 Digital Marketplace Platform is an ‘ecosystem enabler’
A Platform enabling ‘ecosystem business models’ that address Banking & Lifestyle needs

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Case Study – Asto - SME Neobank in UK
SME Open Banking, Invoicing & Loans
Segment: SME
Proposition: Cashflow Management, Invoicing,
Lending / Invoice Finance
Markets: Europe
Features:
- Banking: Open Banking – Accounts, Balances &
transactions
- KYC: Full Digital On-boarding & KYC
- Identity Verification: Full Digital verification via
Onfido or Green ID
- Credit Decisions: Automated credit scoring via
TransUnion / Experian
- Draw-down: Immediate draw-down
- Repayments: Automated repayments via direct
debits

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Case Study – Corporate Lending (UK)
Corporate Risk & Lending processes integration for nCino & Salesforce

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Case Study – 101 Pay – Business Management Platform
SME app that combines Banking & Payments with Invoicing
Segment: SME
Market: Global
Description: Allow SMEs to manage Invoices and Payments, and Connect
to one or more local Banks (direct or Open Banking)
Features:
- View multiple Bank Accounts & Transactions
- Cashflow View
- Invoices & Payments:
o Create and issue Invoices, auto chase invoices
o Raise Payment Requests
o Real-time payment notifications
o Instant payment of Invoices via Cards & Open Banking SME loans:
o Compare loans available in the market
o 100% digital loan origination including KYC / KYB

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Case Study - Dakko - Health & Wellbeing App
Open Banking Accounts, Digital Payslips and Insurance products for Corporate Employees
Segment: Corporate & SME (B2B2C)
Proposition: Health & Wellbeing Marketplace, Medical Loans
& Insurance
Markets: Global
Features:
- Corporate employee health & wellbeing ecosystem
- Health & Wellbeing marketplace
- Medical Loans with 100% digital origination
- Health & Life insurance
- Employee Engagement (digital payslips, directory)
- Health Care Provider directory
- Heath & wellbeing offers
Play Video

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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
3rd Party Service
Accounting Services
…

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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

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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

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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

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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

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A simple approach to driving customer acquisition
Leveraging Open Banking & Accounting data to provide rich insights & recommendations

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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

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A Global Product Recommendation API
The API supports multiple API geographies including UK & Australia

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https://openbankingaustralia.bank-api.net/
Single access point for ALL Australian Bank APIs & 101 Digital Aggregation APIs

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Accelerating Digital
101 Digital is helping Accelerate Digital Customer Acquisition
https://www.openbankingdirectory.io
Neobank SDK: Digital Platform Accelerator

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For more information, please visit 101digital.io
Or contact us at +65 8339 0399
THANK YOU
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How can Open Banking help drive ecosystem business models
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Banks must think beyond compliance to maximise ROI on Open Banking investments
Open
Banking
Services
Aggregation
Services