Issue link: https://go.axway.com/i/1321495
57 Open Banking APIs State of the Market Report 2020 finance world where many of our finances occur behind the scenes when we engage with products and businesses. But to take advantage of these opportunities, banks need to be willing to let go of their old business models. 2020 is the year to do that. WORLD ECONOMIC FORUM 26 ECOSYSTEM RECOMMENDATIONS HOW THEY CAN BE APPLIED BY A BANK... 1. Clearly define the platform Ensure C-level and Line of Business buy-in on the platform model. Brainstorm the types of revenue models that will be enabled by working with a platform model. Calculate forecasts from new revenue streams to demonstrate value. Decide on the type of fintech partnership models (see page 27) that match your bank's platform vision. 2. Build supply in proportion to demand Identify key API products with high transaction volume potential or that extend the value of regulatory APIs to new provider partners. Balance an understanding of your end customers with what partner providers will need to support those customers. Work with business and enterprise customers to understand what APIs would add value to their ERP processes. 3. Take a staged approach Identify exemplars for key use cases and identify which APIs will be necessary for most exemplars. Build these first and work with select external customers to test and ensure value is being generated through these APIs. Measure onboarding and retention. 4. Accelerate success with the right talent Build product manager teams and API expertise. Create internal resource such as governance structures and style guides to assist teams to work quickly, using internal standards, and in a cohesive manner. Work with talent that understand the platform economy and are have collaboration skills. 5. Shift the mindset and be agile Be prepared to make mistakes. Create small projects and test regularly rather than build whole new digital banks to start. Aim to identify what your customers and partners need as a service they can integrate and build and test that. Measure the value being generated from your APIs as you go. 6. Value word of mouth Ensure product managers speak with consumers and understand whether the APIs are perceived as user-friendly. Build metrics systems that measure the time to first hello world and time to first product value. 7. Recognize that the scalability of the technology is key Use Architectural Decision Records to keep track of scalability decisions. Take an API first approach to ensure a modular, future proofed approach to architecture. 8. Collaborate to increase the gravity of the platform Be prepared to help promote partners and build their success. The more your customers use their products, the more revenue you generate through the new business models. Recognize that you cannot be all things to your customer and work instead to ensure you a central hub for a vibrant ecosystem built out from your banking platform. CREATING BANK ECOSYSTEMS