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Banking APIs: A Fine Balance
- 1. A Fine Balance @mitraman Ronnie Mitra Director of Design API Academy
- 2. The History of USB yum9me on flickr.com
- 3. William Warby on flickr.com
- 5. increases compatibility increases interoperability increases safety, repeatability and quality
- 8. Innovation vs Standardization Innovators vs Standard Bearers
- 9. gov.uk
- 10. gov.uk “Standardization does constrain activities but in doing so creates an infrastructure for subsequent innovation.”
- 11. gov.uk “Compatibility or interface standards help to expand market opportunities because they help to increase network effects (or externalities).”
- 12. platforms
- 14. capability provider experienceuser One platform, many UX providers experience experience platform
- 15. platform standardization may not be ideal for leaders should help the consumer and the market
- 16. unbundling
- 17. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation
- 18. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation “Interaction costs represent the money and time that are expended whenever people and companies exchange goods, services, or ideas.”
- 19. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation “Taken together, interaction costs determine the way companies organize themselves and the way they form relationships with other parties.”
- 20. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation https://hbr.org/1999/03/unbundling-the-corporation
- 21. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation https://hbr.org/1999/03/unbundling-the-corporation
- 22. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation John Hagel Marc Singer Unbundling the Corporation https://hbr.org/1999/03/unbundling-the-corporation Under the pressures of deregulation, global competition, and advancing technology, a number of industries are already fracturing along the fault lines of customer relationship management, product innovation, and infrastructure management. “ ”
- 24. https://hbr.org/1999/03/unbundling-the-corporation If you lose the CRM Business, where do you focus?
- 25. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation If you lose the CRM Business, where do you focus? Option 1: Compete with the UX Providers capability provider experienceuser platform experience
- 26. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation If you lose the CRM Business, where do you focus? Option 2: Make the UX providers your new customer capability provider experience platform
- 27. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation If you lose the CRM Business, where do you focus? Option 3: Focus on powering the UX providers with infrastructure capability capability provider experience platform
- 28. John Hagel III Marc Singer https://hbr.org/1999/03/unbundling-the-corporation If you lose the CRM Business, where do you focus? Option 4: Focus on providing innovative features to UX providers capability provider experience platform new capability
- 31. Where is banking headed? Revisit the unbundling story YOUR BUSINESS YOUR CODE YOUR DATA YOUR IMPLEMENTATION
- 32. Your API
- 34. in a platform world your API is your core product
- 35. in a standardized API world your product is identical to your competitors Your API Their API GET /account GET /account
- 36. in a standardized API world Capability innovation moves at the pace of the standard Your API Their API GET /account GET /account
- 37. find balance
- 38. experienceuser platform app development must be optimized
- 39. capability provider platformservice providers must be free to innovate
- 40. balance developer usability with service sovereignty
- 41. extensible API standards? allow providers to add custom capabilities
- 43. another option: standardized messages standardized semantics
- 44. pick a media type HAL SIREN CJ JSON-LD UBER
- 45. add a profile HAL SIREN CJ JSON-LD UBER Banking Semantics
- 46. We must work towards an extendable platform or live at the pace of a standardized API
- 47. A Fine Balance @mitraman Ronnie Mitra Director of Design API Academy
Editor's Notes
- This is a serial bus. Prior to the late 90s, this was one of the ways that you might connect electronic and computer devices together. There were lots of other connectors too: the PS/2 connector for keyboards, the Apple desktop bus, Parallel ports for printers and scanners and game ports if you happened to have a joystick. Managing all of these different types of connections and cables was a bit of a pain.
- This all became easier because of this connector. The first version of the USB was released in 1994, but really came into its own in the late 90s. This simple cable did away with the proliferation of different types of connectors and simplified life for consumers. No longer, did we have to install expansion cards or manage a disparate set of cables, instead a small set of USB cables would not allow us to connect anything to anything. USB ports began showing up on all kinds of devices and with the exception of a few product vendors became the standard interface for power and data transmission in consumer electronics.
- Important when we have interchangeable parts
- Important when we have interchangeable parts
- Important when we have interchangeable parts
- Important when we have interchangeable parts
- Avialable on Gov.uk
- Avialable on Gov.uk
- Avialable on Gov.uk
- One thing we know is that the way customers are interacting with businesses is changing. And we know this because people won’t shut up about it. But, there is probably a good reason for that.
- Before things started changing, capability providers had a monopoly on the experience they provided.
- Before things started changing, capability providers had a monopoly on the experience they provided.
- We want to make it easy for app devs to build new experiencds on the platform. This is good for everyone as we’ve learned (but may not be in the interests of the individual providers) It does seem like there is an inevitability to this type of thing happening.
- One thing we know is that the way customers are interacting with businesses is changing. And we know this because people won’t shut up about it.
- These form the fault lines
- These form the fault lines
- These form the fault lines
- Before things started changing, capability providers had a monopoly on the experience they provided.
- These form the fault lines. Option 1: cede the end users and build a business that serves the new CRM players Optoin 2: compete with the CRM players (possible, but difficult given the costs of running the platform and all of the UX applications) Optoin 3: focus on powering the CRM players by focusing on infrastructure (commoditization play) Optoin 4: focus on providing innovative products to the CRM players and differentiating from other platforms.
- These form the fault lines. Option 1: cede the end users and build a business that serves the new CRM players Optoin 2: compete with the CRM players (possible, but difficult given the costs of running the platform and all of the UX applications) Optoin 3: focus on powering the CRM players by focusing on infrastructure (commoditization play) Optoin 4: focus on providing innovative products to the CRM players and differentiating from other platforms.
- These form the fault lines. Option 1: cede the end users and build a business that serves the new CRM players Optoin 2: compete with the CRM players (possible, but difficult given the costs of running the platform and all of the UX applications) Optoin 3: focus on powering the CRM players by focusing on infrastructure (commoditization play) Optoin 4: focus on providing innovative products to the CRM players and differentiating from other platforms.
- These form the fault lines. Option 1: cede the end users and build a business that serves the new CRM players Optoin 2: compete with the CRM players (possible, but difficult given the costs of running the platform and all of the UX applications) Optoin 3: focus on powering the CRM players by focusing on infrastructure (commoditization play) Optoin 4: focus on providing innovative products to the CRM players and differentiating from other platforms.
- These form the fault lines. Option 1: cede the end users and build a business that serves the new CRM players Optoin 2: compete with the CRM players (possible, but difficult given the costs of running the platform and all of the UX applications) Optoin 3: focus on powering the CRM players by focusing on infrastructure (commoditization play) Optoin 4: focus on providing innovative products to the CRM players and differentiating from other platforms.
- USB doesn’t constrain me to the types of peripheals I want to use. We should be wary of agreeing to industry standards that contrain the intercations and reduce our ability to differentiate. Market leaders gain from having proprietary interfaces, but a forced standardized interface would hurt them. A more flexible interface may be the less bitter pill to swallow
- USB doesn’t constrain me to the types of peripheals I want to use. We should be wary of agreeing to industry standards that contrain the intercations and reduce our ability to differentiate. Market leaders gain from having proprietary interfaces, but a forced standardized interface would hurt them. A more flexible interface may be the less bitter pill to swallow
- Business is changing “I know this because people won’t shut up about it.” “digital innovation master… of the universe” But hasn’t that always been true?