Open Bank Project at Fintech Storm, London, July 22nd 2015
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Transcript of Open Bank Project at Fintech Storm, London, July 22nd 2015
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Simon Redfern, CEO @simsysims
@OpenBankProject
Bank as a Platform
Transparency as an asset
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Extraction
€€€€€
Inequality + Distrust + Apathy +
Information Deficit
Corruption Data
Obfuscation
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Empowerment
Transparency
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How similar?
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Selling sheep via Instagram
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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. !
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Should !banks care? "!
Why
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71%!Of Millennials would rather go to the dentists
than listen to what banks are saying "!
Dissatisfaction
Source: The Millennial Disruption Index, Scratch 2014 !
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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!
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Aging IT systems
The #1 barrier to innovation is IT system Source: Innovation in Retail Banking 2013, Efma-Infosys!
!!!!
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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
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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!
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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!
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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!
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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
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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!
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App examples
17 apps already using the Open Bank Project API!Kinder Bank!
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Social Finance
Sharing transaction data with the public and private groups
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Banking Banquet
Different graphical representations of the same account
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Time Balance
1 Select account(s)!
2 View !aggregated !balance at !your top right!
3 View last !Transactions !when needed!
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Apps…
...The possibilities are endless!!www.openbankproject.com/apps!
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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 !
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Developer community
Hack/Make The Bank is an intensive marathon of brainstorming and programming for the FSS!
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!!
@OpenBankProject!!"
www.openbankproject.com"www.hackmakethebank.com"http://bankingapis.com/ 23rd +
24th September 2015"
Thank You!