Blog - Which APIs? Which Business Models? A Real-World Guide for Sri Lankan Banks
- Seshika Fernando
- Vice President - Banking and Financial Services - WSO2
APIs have long been the building blocks of the modern world by connecting software programs, individuals, and corporations around the world for the past decade. As reported by Forbes, Marshall Van Alstyne, published research over a four-year period showing that firms using APIs saw a 12.7% increase in growth compared to organizations that didn't use APIs. The banking sector, traditionally perceived as resistant to technology, have embraced the use of APIs as reported by McKinsey, who state that “Banks are taking a more sophisticated approach to their use of APIs to maximize the value they derive from these digital workhorses.”
In addition, Thomson Reuters points out that Open Banking is set to grow across Asia in 2022 by highlighting countries such as Singapore, Hong Kong, India, Australia, and Korea. Similarly, banks in Sri Lanka are realizing the benefits of leveraging APIs to accomplish various business goals. These include cutting costs, identifying and scaling new revenue streams, onboarding new customers, delivering personalized customer experiences, and staying ahead of its competition.
The hallmark of a good API depends on three things. They should enable the bank to achieve its intended business goal, be reliable and easy to use among both internal and external customers, and be interoperable and secure. This allows them to be easily integrated into other systems while safeguarding precious information. This webinar is a beginner friendly approach into the world of APIs, and how banks can optimize them for various use cases such as increasing their digital banking presence, improving business processes, and seamlessly onboarding new partners and customers.
By watching this webinar, you will be able to:
- Understand emerging API-based business models for banks.
- Review the steps towards maturity in API adoption in the banking industry.
- Choose an API strategy and business model suitable to your bank’s unique goals and commercial situation.
- Learn from case studies and lessons learned from API platform and open banking deployments globally by WSO2.
Find out more in the video below.