CYBERSECURITY

60 and monetised using APIs . By carefully assessing what customer pain points can be eased , incumbents can then use their existing processes to deliver innovative solutions to those problems via API products .

Expecting customers to come to you – and only you – is an ineffective way of ensuring their support . While legacy banks have traditionally been involved in the full process of the customer ’ s financial experience , today ’ s landscape necessitates a closer look at which parts of this should be reserved for the bank itself , and which services can be outsourced to partners or third parties .

Put another way , sometimes a customer may be happy to open up a given bank ’ s app to complete a given transaction , but in many other cases , that customer may want to complete the transaction from within the context of whatever they ’ re already doing . In these cases , a bank must be able to insert its business capabilities wherever the customer demands them , not just within a first-party app . APIs are essential to this process .

— Rob Parker-Cole , Digital Engagement Lead , Apigee

The banking industry is facing seismic shifts in the way it looks and feels and incumbents need to accept that they are facing a new era . Rehashing old technology and ways of working will not cut it against the fast-moving , digitalfirst competitors who are continually gaining traction . One advantage legacy banks do have is long-time brand equity and the customer trust it has engendered , and this trust should be the cornerstone around which they build

MARCH 2019