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OPEN BANKING
Essential
Elements of
Open Banking
Framework
Anuj Agrawal
APAC Open Banking Lead
IDC Financial Insights
3 Things You
Thought ‘WRONG’
About Open Banking
3
Open Banking or Open Insurance means sharing
of customer financial and sensitive data which
may be compromised
99.99%
#1
B...
As a bank I can wait, watch and start later#2
7 out of 10
Improve
Operational Efficiency or
Customer Reach
Open Banking Ad...
No bank has been able to benefit from
Open Banking yet
#3
Expand Market Reach
Innovate and expand
Earn income by improving...
What is
Open Banking?
7
Open
Collaborate
to
Open
Datafor
Platform
Open
OtherIndustries
to
8
9
OpenBanking
is a way by which banks allows
controlled access of customer,
products, and service related
information to e...
2 out of 10
Have progressed with building
robust framework around
Open Banking
6 Elements of Open Banking Framework
Build
11
Partner
Connect Secure
Govern
Monetize
6 Elements of Open Banking Framework
Build
Partner
Connect
Govern
Secure
Monetize
12
13
Simple,Useful&
ReusableAPIs Update,
Innovate
Manage
Improve
Deployment TAT
Develop
13
6 Elements of Open Banking Framework
Build Open
APIs
Connect
Govern
Secure
Monetize
Partner
14
Partner
As a Service
Provider
Bank Fintech/TTP
As a Co-branded
Partner
‘FriendsandFamilyFirst’
Intelligently
15
16
5 out of 10
Tier 1 and 2 banks will
offer at least 5 external
retail banking APIs in 2019
Retail Banking
1 out of 10
Ti...
17
FINANCIAL INFORMATION
1. Account Balance
2. Auto Loan Exposure
3. Credit Card Limit
4. Credit Card Spends
5. Home Loan ...
Low High
High
Low
Harvest
Financial Information APIs
Strategize
Leverage Circumspect
Loan Related APIs
Loyalty & Rewards A...
6 Elements of Open Banking Framework
Build Open
APIs
Govern
Secure
Monetize
Create and Sustain
Partnerships
Connect
19
20
10%
of banks worldwide will have allocated at least 5% of IT
budgets in next 2 years toward connecting corporate
and re...
21
Cross-FunctionalManagementTeam
Set-up a
21
IT
Product
Marketing
Analytics
‘ADigitalTeam’
The team that can understand t...
6 Elements of Open Banking Framework
Build Open
APIs
Govern
Monetize
Create and Sustain
Partnerships
Connect Internal
and ...
8 out of 10
Asia/Pacific Banks are
concerned about
Customer Data Privacy
and Cybersecurity
SECURE
23
24
35 PERCENT
API Management Platform
Adoption in 2019
AnAPIManagementPlatform
Optimize your efforts
with
LOWER
COST
REUSE...
6 Elements of Open Banking Framework
Build Open
APIs
Monetize
Create and Sustain
Partnerships
Connect Internal
and Externa...
26
Early
Adopters
Singapore
Australia
Hong
Kong
Steady
Warm-
ups
India
South
Korea
New
Zealand
Fast
Followers
Thailand
Mal...
6 Elements of Open Banking Framework
Build Open
APIs
Create and Sustain
Partnerships
Connect Internal
and External
Process...
8 of 10
Asia/Pacific banks consider
Data Monetization as one of
the most important factor for
success in Open Banking
6 of...
1 0 0 1 0 1 0
1 0 1 0 1 1
0 1 0 1 0 1 0
1 0 0 1 0 1
0 1 0 0 1 0
0 1 1 0 1 0
1 1 0 1 0 1
1 0 0 0 0 1
1 0 1 0 1
Internal con...
6 Elements of Open Banking Framework
Strengthen API
Governance
Build Open
APIs
Secure Data
and APIs
Create and Sustain
Par...
ANUJ AGRAWAL
IDC Financial Insights
anujagrawal@idc.com
Twitter: @ anujagrawal01
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APIdays Singapore 2019 - Introduction to essential elements of Open Banking Framework, Anuj Agrawal, APAC Open Banking Lead Analyst, IDC

Introduction to essential elements of Open Banking Framework, Anuj Agrawal, APAC Open Banking Lead Analyst, IDC

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APIdays Singapore 2019 - Introduction to essential elements of Open Banking Framework, Anuj Agrawal, APAC Open Banking Lead Analyst, IDC

  1. 1. OPEN BANKING
  2. 2. Essential Elements of Open Banking Framework Anuj Agrawal APAC Open Banking Lead IDC Financial Insights
  3. 3. 3 Things You Thought ‘WRONG’ About Open Banking 3
  4. 4. Open Banking or Open Insurance means sharing of customer financial and sensitive data which may be compromised 99.99% #1 Banks/Insurance companies across Asia/Pacific which have progressed with Open Banking/Open Insurance are not sharing customer data in any form without their consent 4
  5. 5. As a bank I can wait, watch and start later#2 7 out of 10 Improve Operational Efficiency or Customer Reach Open Banking Adoption 35% 80% 2017 2020 60% 2019 5
  6. 6. No bank has been able to benefit from Open Banking yet #3 Expand Market Reach Innovate and expand Earn income by improving operational efficiency Expand ecosystem to increase transactions Better Customer Profiling & Credit Decisioning to save on losses Note: Highlighted names are indicative not exhaustive 6
  7. 7. What is Open Banking? 7
  8. 8. Open Collaborate to Open Datafor Platform Open OtherIndustries to 8
  9. 9. 9 OpenBanking is a way by which banks allows controlled access of customer, products, and service related information to external partners for improving or reassembling their products & services using Open APIs
  10. 10. 2 out of 10 Have progressed with building robust framework around Open Banking
  11. 11. 6 Elements of Open Banking Framework Build 11 Partner Connect Secure Govern Monetize
  12. 12. 6 Elements of Open Banking Framework Build Partner Connect Govern Secure Monetize 12
  13. 13. 13 Simple,Useful& ReusableAPIs Update, Innovate Manage Improve Deployment TAT Develop 13
  14. 14. 6 Elements of Open Banking Framework Build Open APIs Connect Govern Secure Monetize Partner 14
  15. 15. Partner As a Service Provider Bank Fintech/TTP As a Co-branded Partner ‘FriendsandFamilyFirst’ Intelligently 15
  16. 16. 16 5 out of 10 Tier 1 and 2 banks will offer at least 5 external retail banking APIs in 2019 Retail Banking 1 out of 10 Tier 1 and 2 banks will offer at least 3 external corporate banking APIs by 2020 Corporate Banking Bank-as-a-Service
  17. 17. 17 FINANCIAL INFORMATION 1. Account Balance 2. Auto Loan Exposure 3. Credit Card Limit 4. Credit Card Spends 5. Home Loan Exposure 6. Investment Portfolio 7. Personal Loan Exposure 8. Transaction History LOAN-RELATED APIs 9. Pre-approved Auto Loan 10. Pre-approved Home Loan 11. Pre-approved Personal Loan LOYALTY & REWARDS 12. Reward Points Management 13. Rewards Point Calculator NON-FINANCIAL INFORMATION 15. Customer Details 16. Product Availed: CASA Products 17. Product Availed: Investment Products 18. Product Availed: Loan Products 19. Account Aggregation TRANSACTION-RELATED APIs 20. Business Accounts Access 21. Card Authentication 22. Card Payment Management 23. Instant Refund/Settlement 24. Transaction Scheduler 25. Payment Initiation and Authorization 26. Remittance Authorization 27. Remittance Exposure LOCATION-DRIVEN APIs 28. Infrastructure Location Management 29. Offers Near Me 30. Pre-approved Property Search PRODUCT INFORMATION 14. Product Terms and Conditions FINANCIAL INFORMATION 1. Credit Exposure Details 2. Credit Transaction Details 3. Business Account Access 4. Investment Portfolio 5. Cash Management 6. Bank Exposure Consolidation CREDIT PRODUCT RELATED 7. Pre-approved Cash Credit Limit 8. Pre-approved Invoice/Bill Discounting Limit 9. Invoice/Bill Discounting 10.Loan Re-structuring NON-FINANCIAL INFORMATION 11. Customer Details 12. Products Availed: Credit Products 13. Products Availed: Non-Credit Products 14. Relationship Aggregation TRANSACTION-RELATED APIs 15. Corporate Bill Payment 16. Merchant Card Payments 17. M2M Payment Management 18. C2M Payment Management 19. Transaction Scheduler PRODUCT INFORMATION 20. Product Terms & Conditions 20 Most Common Open Banking APIs in Corporate Banking 30 Most Common Open Banking APIs in Retail Banking Most Common Open Banking APIs Source: IDC Financial Insights 17
  18. 18. Low High High Low Harvest Financial Information APIs Strategize Leverage Circumspect Loan Related APIs Loyalty & Rewards APIs Non-Financial Information APIs Transaction Related APIs Location Driven APIs Low High High Low Product Information APIs Account Balance Auto Loan Exposure Credit Card Limit Credit Card Spends Home Loan Exposure Investment Portfolio Personal Loan Exposure Transaction History Pre-approved Auto Loan Pre-approved Home Loan Pre-approved Personal Loan Reward Points Management Rewards Point Calculator Customer Details Product Availed: CASA Products Product Availed: Investment Products Product Availed: Loan Products Account Aggregation Business Accounts Access Card Authentication Card Payment Management Instant Refund/Settlement Payment Initiation and Authorization Remittance Authorization Remittance Exposure Transaction Scheduler Infrastructure Location Management Offers Near Me Pre-approved Property Search Product Terms and Conditions Associated Risk / Investment DerivedValue/Benefit High Value – Low Risk High Value – High Risk Low Value – Low Risk Low Value – High Risk APIsPrioritizationMatrixMusthaveexternalAPIs 18
  19. 19. 6 Elements of Open Banking Framework Build Open APIs Govern Secure Monetize Create and Sustain Partnerships Connect 19
  20. 20. 20 10% of banks worldwide will have allocated at least 5% of IT budgets in next 2 years toward connecting corporate and retail banking core systems to improve credit decisioning and customer experience EXTERNAL PROCESSES Connected Processes Assets People INTERNAL PROCESSES Mobile IoT AR/VR BOT API CONNECTED CORE INTERNAL&EXTERNAL PROCESS
  21. 21. 21 Cross-FunctionalManagementTeam Set-up a 21 IT Product Marketing Analytics ‘ADigitalTeam’ The team that can understand the challenges not only of API developers but also of the business and marketing manager.
  22. 22. 6 Elements of Open Banking Framework Build Open APIs Govern Monetize Create and Sustain Partnerships Connect Internal and External Processes Secure 22
  23. 23. 8 out of 10 Asia/Pacific Banks are concerned about Customer Data Privacy and Cybersecurity SECURE 23
  24. 24. 24 35 PERCENT API Management Platform Adoption in 2019 AnAPIManagementPlatform Optimize your efforts with LOWER COST REUSE, SCALE, UPGRADE CONTROL, MONITOR SECURITY CENTRALIZED VIEW 24
  25. 25. 6 Elements of Open Banking Framework Build Open APIs Monetize Create and Sustain Partnerships Connect Internal and External Processes Secure Data and APIs Govern 25
  26. 26. 26 Early Adopters Singapore Australia Hong Kong Steady Warm- ups India South Korea New Zealand Fast Followers Thailand Malaysia Giants with Potential Japan China GOVERN 26
  27. 27. 6 Elements of Open Banking Framework Build Open APIs Create and Sustain Partnerships Connect Internal and External Processes Secure Data and APIs Strengthen API Governance Monetize 27
  28. 28. 8 of 10 Asia/Pacific banks consider Data Monetization as one of the most important factor for success in Open Banking 6 of 10 Asia/Pacific lacks the ability to monetize from data, citing Open Banking as major challenge CREATEAPATH 28
  29. 29. 1 0 0 1 0 1 0 1 0 1 0 1 1 0 1 0 1 0 1 0 1 0 0 1 0 1 0 1 0 0 1 0 0 1 1 0 1 0 1 1 0 1 0 1 1 0 0 0 0 1 1 0 1 0 1 Internal consumption Data Augmentation Bank as Producer of Data Bank as a Producer of Products Distributor of Insights Distributor of Insights as a Platform Platform Building 1 0 0 1 0 1 0 1 0 1 0 1 1 0 1 0 1 0 1 0 1 0 0 1 0 1 0 1 0 0 1 0 0 1 1 0 1 0 1 1 0 1 0 1 1 0 0 0 0 1 1 0 1 0 1 29
  30. 30. 6 Elements of Open Banking Framework Strengthen API Governance Build Open APIs Secure Data and APIs Create and Sustain Partnerships Connect Internal and External Processes Create a Path to Monetization 30
  31. 31. ANUJ AGRAWAL IDC Financial Insights anujagrawal@idc.com Twitter: @ anujagrawal01

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