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Bank as a
Platform
- Bank Presentation -

Banks at the API table
Simon Redfern, Founder
simon@tesobe.com

Ismail Chaib
The Open Bank Project
Ismail@tesobe.com
Ismail CHAIB - @iChaib

@OpenBankProject
Banking today…
What about the future?
Bank as a Platform

Individuals & Businesses.

API

Bank
Strong appetite for innovation
Banks increasing innovation investment
26% invested
in channel
innovation

13%

77%

2009

2013

Consumers believe their bank should be investing more
in Internet and mobile channels
Source: Innovation in Retail Banking 2013, Efma-Infosys
Hampered by IT legacy system
!!!!

The #1 barrier to innovation is IT system
Source: Innovation in Retail Banking 2013, Efma-Infosys
APIs, huge benefits to reap

Source: faberNovel, 6 reasons why API are reshaping our business

An API reduces the time, complexity and cost of deploying banking apps
Banks can leverage the OBP API to create better customer relationships
The API Value Proposition

Retail / corporate
banks

✔

Banks instantly offer new apps to their customers and launch
new services faster, cheaper and securely whilst retaining data
control and remaining the main customer touch point

Trusted
Party
Developers

✔

Developers have easy access to banking data and trusted
services

✔

3rd

Customers enjoy a much greater choice of high quality and
secure services

Individuals & Businesses.

Open Bank API fosters a API to create better customer relationships
Banks can leverage the OBPcustomer-centric open innovation ecosystem
The Open Bank Project

The Open Bank Project is an open
source API and App Store for banks
And a community of developers using it

Open Bank API fosters a API to create better customer relationships
Banks can leverage the OBPcustomer-centric open innovation ecosystem
Use Case #1: KashFlow

Bank reconciliation for accounting software
Use Case #2: Momentum

Financial KPIs and cashflow forecast
Use Cases
Category

Name

Description

Produced by

Kashflow

UK Leading accounting Software for SMEs

Kashflow

Momentum

Business Analytics for SMEs

BCMLogic

PFM

MoneyGarden

Personal finance management solution

MoneyGarden

Data
Visualisation

MoneyJourney

Displays financial flows on a 3D globe

Independent
developers

Social Finance

Financial Transparency for Non-Profit
organisations

TESOBE

CashTrack

Financial Transparency for current accounts.

Transparency
International

SpeakingBank

Banking for visually impaired people (mobile)

TESOBE

BankingBanquet

Different user interfaces according to the
user’s preference (tablet)

TESOBE

Accounting

CSR
Customized
User
Experience

More information on http://openbankproject.com/en/apps/

Banks can leverage the OBP API to create better customer relationships
How it works
Bank’s
Customers

4
3
2

Bank-Branded
App Store

OBP App Store

Trusted
developers
Mobile and web applications

The Bank
OBP API

1

Bank agnostic
interface
Bank-specific
Connectors

Bank’s Legacy IT
System
Active developers community
• A growing international community of
developers and system integrators.
• 11+ apps using the Open Bank Project
API
• Support from The Open Data Institute
and wider Open Data community
• 500+ registrations on mailing list
• 4 hackathons per year

“The future is already
here — it's just not very
evenly distributed”
William Gibson
API drives innovation

A large innovation potential to unlock
API drives growth

By making customers happier
Should banks be concerned?

Reasons to worry

Why you should not

Security/Privacy

Bank-Level security

Loosing control

Monitoring dashboard provides more control

Brand dilution
Feasibility

Bank stays at the center of interaction
www.OpenBankProject.com
Definitely!

…

Payments

Account
Aggregation

Mobile Banks

New entrants?
Our version of the future…
Individuals & Businesses.

API

Bank
We have PoCs with banks

Incubated at
An open API for every bank!

Why do we need a
Web site?

1995

Of course we
have a Web site

2000

Why do we
need an API?

2010

Of course we
have an API

2015

“We believe that the Open Bank Project will be
appealing to developers because of the ability to
build an app that can then be used by any
bank or customer.”
Kristin Moyer,
Research Vice President, Banking & Investment Services, Gartner

Source: Hype Cycle for Open Banking, July 2013

Inspired by ProgrammableWeb
Thanks
Ismail Chaib
ismail@tesobe.com
www.openbankproject.com

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Open bank project api days-presentation-dec2013

  • 1. Bank as a Platform - Bank Presentation - Banks at the API table Simon Redfern, Founder simon@tesobe.com Ismail Chaib The Open Bank Project Ismail@tesobe.com
  • 2. Ismail CHAIB - @iChaib @OpenBankProject
  • 4. What about the future?
  • 5. Bank as a Platform Individuals & Businesses. API Bank
  • 6. Strong appetite for innovation Banks increasing innovation investment 26% invested in channel innovation 13% 77% 2009 2013 Consumers believe their bank should be investing more in Internet and mobile channels Source: Innovation in Retail Banking 2013, Efma-Infosys
  • 7. Hampered by IT legacy system !!!! The #1 barrier to innovation is IT system Source: Innovation in Retail Banking 2013, Efma-Infosys
  • 8. APIs, huge benefits to reap Source: faberNovel, 6 reasons why API are reshaping our business An API reduces the time, complexity and cost of deploying banking apps Banks can leverage the OBP API to create better customer relationships
  • 9. The API Value Proposition Retail / corporate banks ✔ Banks instantly offer new apps to their customers and launch new services faster, cheaper and securely whilst retaining data control and remaining the main customer touch point Trusted Party Developers ✔ Developers have easy access to banking data and trusted services ✔ 3rd Customers enjoy a much greater choice of high quality and secure services Individuals & Businesses. Open Bank API fosters a API to create better customer relationships Banks can leverage the OBPcustomer-centric open innovation ecosystem
  • 10. The Open Bank Project The Open Bank Project is an open source API and App Store for banks And a community of developers using it Open Bank API fosters a API to create better customer relationships Banks can leverage the OBPcustomer-centric open innovation ecosystem
  • 11. Use Case #1: KashFlow Bank reconciliation for accounting software
  • 12. Use Case #2: Momentum Financial KPIs and cashflow forecast
  • 13. Use Cases Category Name Description Produced by Kashflow UK Leading accounting Software for SMEs Kashflow Momentum Business Analytics for SMEs BCMLogic PFM MoneyGarden Personal finance management solution MoneyGarden Data Visualisation MoneyJourney Displays financial flows on a 3D globe Independent developers Social Finance Financial Transparency for Non-Profit organisations TESOBE CashTrack Financial Transparency for current accounts. Transparency International SpeakingBank Banking for visually impaired people (mobile) TESOBE BankingBanquet Different user interfaces according to the user’s preference (tablet) TESOBE Accounting CSR Customized User Experience More information on http://openbankproject.com/en/apps/ Banks can leverage the OBP API to create better customer relationships
  • 14. How it works Bank’s Customers 4 3 2 Bank-Branded App Store OBP App Store Trusted developers Mobile and web applications The Bank OBP API 1 Bank agnostic interface Bank-specific Connectors Bank’s Legacy IT System
  • 15. Active developers community • A growing international community of developers and system integrators. • 11+ apps using the Open Bank Project API • Support from The Open Data Institute and wider Open Data community • 500+ registrations on mailing list • 4 hackathons per year “The future is already here — it's just not very evenly distributed” William Gibson
  • 16. API drives innovation A large innovation potential to unlock
  • 17. API drives growth By making customers happier
  • 18. Should banks be concerned? Reasons to worry Why you should not Security/Privacy Bank-Level security Loosing control Monitoring dashboard provides more control Brand dilution Feasibility Bank stays at the center of interaction www.OpenBankProject.com
  • 20. Our version of the future… Individuals & Businesses. API Bank
  • 21. We have PoCs with banks Incubated at
  • 22. An open API for every bank! Why do we need a Web site? 1995 Of course we have a Web site 2000 Why do we need an API? 2010 Of course we have an API 2015 “We believe that the Open Bank Project will be appealing to developers because of the ability to build an app that can then be used by any bank or customer.” Kristin Moyer, Research Vice President, Banking & Investment Services, Gartner Source: Hype Cycle for Open Banking, July 2013 Inspired by ProgrammableWeb