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Open Bank Project at Fintech Storm, London, July 22nd 2015


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Open Bank Project at Fintech storm, London, July 22rd 2015

Published in: Technology

Open Bank Project at Fintech Storm, London, July 22nd 2015

  1. 1. Simon Redfern, CEO @simsysims @OpenBankProject Bank as a Platform Transparency as an asset
  2. 2. 91
  3. 3. 78
  4. 4. 40
  5. 5. 25
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  7. 7. Extraction €€€€€ Inequality + Distrust + Apathy + Information Deficit Corruption Data Obfuscation
  8. 8. Empowerment Transparency
  9. 9. How similar?
  10. 10. Instagram Selling sheep via Instagram
  11. 11. Open Banking 1995! Why do we need a Web site?! 2000! 2010! 2020! Of course we have a Web site! Of course we have an API! Why do we need an API?! In the future, every bank will have an API “By 2016, 75% of the top 50 global banks will have launched an API platform and 25% will have launched a customer-facing app store”! “Bank as a Platform”: Modern, open APIs accelerate sustainable and secure customer-centric banking innovation by leveraging an ecosystem of third party applications and services. !
  12. 12. Should !banks care?"! Why
  13. 13. 71%!Of Millennials would rather go to the dentists than listen to what banks are saying "! Dissatisfaction Source: The Millennial Disruption Index, Scratch 2014 !
  14. 14. Non-Banks Threats ¾ millennials would be more excited about an offering from new entrants than from their own bank Source: The Millennial Disruption Index, Scratch 2014 ! Challengers! New entrants?!Fintech startups!
  15. 15. Aging IT systems The #1 barrier to innovation is IT system Source: Innovation in Retail Banking 2013, Efma-Infosys! !!!!
  16. 16. Upcoming regulation EU PSD2 Mandates third party access to:! •  Payments! •  Account Info! •  Charges transparency! •  Authentication! Poland! •  No more screen scraping! UK Government wants:! •  Open Banking API standard for all UK Banks! New regulations will accelerate move towards open banking
  17. 17. Meeting these challenges Today’s bank needs to be agile and proactive.! It needs an open and collaborative approach ! which fosters customer-centricity! 1/ Open its APIs! 2/ Develop an ecosystem! 3/ Allow 3rd party Apps!
  18. 18. The Open Bank Project The Open Bank Project is an open source API for banks! 1/ Open API standard and implementation! 2/ Developer ! Community! 3/ Apps for the App Store!
  19. 19. The Open Bank Project Banks can leverage the OBP API to create better customer relationships Individuals & Businesses.! Developers have easy access to banking data and trusted services! Customers enjoy a much greater choice of high quality and secure services! Banks instantly provide new and more secure services to their customers. Offering faster time-to-market and cost savings! Trusted 3rd Party! Developers ! Retail / corporate banks! ✔ ✔ ✔ An open source API and App Store for banks ! and an international community of developers using it!
  20. 20. How it works OBP API! Bank’s Legacy IT System! Bank’s! Customers! Provided by their bank! OBP App store! 3 2 1 (On different platforms)! Use innovative financial apps! Card-linked offers! Cash management! Accounting!ERP! KYC! CRM! Crowdfunding! jQuery! Savings! Gamification!Data! Visualisation! Advisory! PFM! AML! Anti fraud!Regulation! Financial Institution’s data center / cloud / appliance Banks can leverage the OBP API to create better customer relationships
  21. 21. Technical architecture Capabilities:! •  Account information and transaction history! •  Fund transfer! •  Data sharing! •  Data enrichment! ! Tech! •  RESTful API / JSON! •  OAuth for authentication! •  Full test coverage! •  Continuous deployment! •  Developed with Scala! •  Runs on the JVM!
  22. 22. App examples 17 apps already using the Open Bank Project API! Kinder Bank!
  23. 23. Social Finance Sharing transaction data with the public and private groups
  24. 24. Banking Banquet Different graphical representations of the same account
  25. 25. Time Balance 1 Select account(s)! 2 View ! aggregated ! balance at ! your top right! 3 View last ! Transactions ! when needed!
  26. 26. Apps… ...The possibilities are endless!!!
  27. 27. Banks & Partners •  PoCs with tier 1 banks! •  Temenos, (700+ bank customers)! •  Service partners in Nigeria, Singapore and USA! •  Innovation events with Rabobank, RBS, BNP Paribas! •  Moving to production with large banks in Nigeria! ! Incubated at !
  28. 28. Developer community Hack/Make The Bank is an intensive marathon of brainstorming and programming for the FSS!
  29. 29. ! ! @OpenBankProject! ! """ 23rd + 24th September 2015" Thank You!