apidays LIVE Singapore 2021 - Differentiating to win in the ecosystem economy by Carol Mok, TIBCO

How FSIs can WIN in the
API ecosystem economy
API Days Singapore
April 22, 2021
Carol Mok, Sr Value Engineer

About Me
TECHNOLOGY
PEOPLE
BRANDS
VALUE
© Copyright 2000-2021 TIBCO Software Inc.
2
EXPERIENCE

Massive digital adoption in SEA
36%
Of all digital service
consumers are new
94%
Of new users intend
to continue with at
least one app based
service
40M
New users in SEA
joined the Internet in
2020, total 400M
3
Source: e-Conomy 2019 report, Statista for 2020

UNBANKED - BANKED
- UNDER BANKED
Growth in South East Asia largely concentrated by Banked
Great convenience
Frictionless experience
Better products
Two way communications
Transparency and managing risks
4

Superapp
at the center
Grab
Gojek
WeChat
Alipay
Zalo
Momo
Facebook
5

Ecosystems are transforming traditional categories and banking
Source: McKinsey, “Beyond Digital The Rise of Ecosystems and platforms”
CONSUMER AT THE CENTRE OF THE EXPERIENCE
Get money
(fund)
Learn about
money
(informed)
Manage risk
(security & protection)
Mobility
$2.0 B
Education
$0.6 B
Wealth and
protection
$1.1 B
Health
$6.0 B
Public
services
$4.4 B
Housing
$5.0 B
Give money
(purchase
without burden)
BANKING
Manage money
(save, optimize,
control, set goals)
Move money
(transfer and share)
Grow money
(assure lifestyle trade
and invest)
Manage profile
(update)
Digital content
$3.0 B
ECOSYSTEMS
Travel
& Hospitality
$3.6 B
6

The battle for trust and love
TRADITIONAL BANKS
FINTECH, BIG TECH, SUPERAPPS
Financial
Services Provider
Orchestrate
Ecosystems
Meaningful
participant in GAFA
ecosystem
Shopping
Transport
Food delivery
Travel
Media
Neo Banks
Seamless End to End
Proposition Management that
is designed around me and
my lifestyle
Payment
Lending
Investment
Digital Bank
Potentially a utility
7

The Double Edge Sword –
Differentiating in the Ecosystem
Customer
Experience
ü TRUSTED WITH CUSTOMER DATA
ü TRUSTED STABILITY
ü FINANCIAL ADVICE
ü CUSTOMER TOUCHPOINTS
ü HOLISTIC VIEW OF THE
CONSUMER (SOCIAL AND
PERSONAL INTERESTS, SHOPPING,
MOBILITY, COMMUNICATIONS)
SUPERAPP
NEO BANKS
BIG TECH
LOVE
BRAND
BANKS
TRUST
BRAND
8

Eating into
Mindshare
9

Tipping the balance
Customer
Experience
ü FINANCIAL ADVICE
BANKS
TRUST
BRAND
Creating
Digital
Equity
SUPERAPP
NEO BANKS
BIG TECH
LOVE
BRAND
10

Share Aggregate Data
Banks are among the few brands who have direct access
to high-quality raw data fields. Bank’s data is deep in
demographics, income, expenses, transactions, account
information.
Customer data drives segmentation, informing
new value propositions, new and improved
experiences and new revenue models is how
winners will distance themselves from the pack
Be selective with what you share with ecosystem
partners.
1
Sharing aggregate consumer
data to create new
opportunities and innovate
experiences but protect the
core.
Implications
11

Example
OCBC
12
Insight:
I wonder if I am
on track or
doing better
than my peers
but I’m too
uncomfortable to
ask them

Use new data sets to innovate
In the new ecosystems, there is a lot of rich contextual
meta data APIs that can help banks enrich transactions
- including geolocations, comments, pictures, tags to
categorise transactions, and the possibility to link data
to other sources of open data.
Metadata lends insights into trends, social culture,
evolve interests and behaviours. Often these are
good markers for consumer behaviours.
2
Use meta data to
- Micro-segment
- Hyper personalized offers and
pricing
- Innovate products and services
- Identify trigger points to
determine propensity to buy
- Innovate through service model
Implications
13

Example
AIA Vitality
14
Insight:
I want to be my
best and be
healthy but it’s
hard to stay
motivated

Use Algorithms to Create Advantage
Data is ubiquitous in banking, and banks will
survive only if quality data is embedded into
every decision, minute by minute, across the
organisation. But banks can't humanly scale to
keep pace with growth of data, so a
fundamentally different approach is necessary.
3
Algorithms can play a role in
- Performance automation
- Fraud detection
- Content personalization
- Churn
Experiment with ‘new metrics’ to
create value
Implications
15

16
Example
Smart Finance
Insight:
I don’t have
assets or a high
paying salary but
I believe I am
reliable and I
can pay back.

Data Driven Culture
Don’t just leave data to your data science and research
departments.
Most companies already gain insights from their data. However,
a data-driven culture should not be interpreted as blindly
following numbers. It should encourage the advancement of data
interpretation skills and critical thinking, which enables
businesses to not only base their decisions on reliable data, but
also to know when it is better not to do so.
4
Democratize the data to enable
business users to self service
and facilitate decisions
Implications
17

- Sentiment data
- Twitter news
- Economic events
- Price actions
- Market movements
18
Example
Better Trader
Insight:
I wish there was
a way small
investors can be
protected by
markets where
there is
collusion.

BANKS
NEO BANKS
FINTECH
SUPERAPPS
BIG TECH
1. Share
Aggregate Data
2. Value through
new data sets
3. Algorithms to
create
Advantage
4. Data Driven
Culture
ü FINANCIAL ADVICE
19

Our Connected Intelligence Platform seamlessly connects any application or data source; intelligently unifies data for greater
access, trust, and control; and confidently predicts outcomes in real time and at scale.
TIBCO unlocks the potential of real-time data for
making faster, smarter decisions.
20 | © Copyright 2000-2021 TIBCO Software Inc.
20

apidays LIVE Singapore 2021 - Differentiating to win in the ecosystem economy by Carol Mok, TIBCO

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