CYBERSECURITY
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“ IN ORDER TO EFFECTIVELY COMPETE WITH CHALLENGER BANKS , INCUMBENTS NEED TO PROPERLY EMBRACE THIS NEW WAY OF WORKING ”
— Rob Parker-Cole , Digital Engagement Lead , Apigee
APIs are the backbone of modern software , providing the interfaces that let different software systems communicate and helping developers to quickly combine data , functionality and other digital assets for new services and digital experiences . Compared with legacy approaches to software development , API-first approaches enable developers to work more quickly , efficiently and independently .
This agility creates space for experimentation and innovation where traditional ways of working necessitate some stasis . Many fintechs and challenger banks already operate naturally in these more modern ways . This gives them a potential advantage over traditional banks with slow-moving legacy techniques .
In order to effectively compete with challenger banks , incumbents need to properly embrace this new way of working , leveraging APIs for business innovation coupled with insights derived from highly valuable internal data assets , instead of merely using them for compliance or systems integration .
MARCH 2019