The financial services industry needs a platform that is transactional. It should focus on the exchange of value, paying particular attention to reducing transaction costs, driving utilisation and leveraging optimal partnerships and governance
August 20, 2019 | Michael Moon- API can help transform relationships with customers
- Open platforms offer enhanced value creation where customers interact to remove duplication, friction and transaction costs
- ISO 20022 significantly adds value to the ecosystem, as it easily adapts the distributed ledger technology and API
The modern application programming interface (API) is revolutionising business models around the globe. It is also creating a significant impact on the lives and expectations of the everyday man on the street.
A man sitting cashless in a cab, posting real-time birthday wishes to friends and family living on the other side of the world while also paying bills, ordering groceries and researching vacations is a typical example of how API has changed people’s lives.
On one hand, goods and services are moving across the ASEAN region quicker than ever before, and this means value transfers must be friction-free, safe, secure and compliant.
The financial services sector also continues to undergo digital disruption and change. To remain relevant, players must act on both the potential of APIs to transform relationships with customers and the role of interoperability, standardisation and security as catalysts for innovation.
Unlocking the strategic benefits of APIs
If the financial services sector were to continue creating delightful customer experiences, it must look towards a customer-centric model. Open platforms offer enhanced value creation, whereby two or more interdependent groups of customers interact to remove duplication, friction and transaction costs. All these while simultaneously forging connections that could not have occurred, or would have been too costly to take place outside this approach.
One key example of this is cross-border transfer. It relies on an array of interconnected relationship networks, underpinned by global conventions, standards and secure co...
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The financial services industry needs a platform that is transactional. It should focus on the exchange of value, paying particular attention to reducing transaction costs, driving utilisation and leveraging optimal partnerships and governance
August 20, 2019 | Michael Moon- API can help transform relationships with customers
- Open platforms offer enhanced value creation where customers interact to remove duplication, friction and transaction costs
- ISO 20022 significantly adds value to the ecosystem, as it easily adapts the distributed ledger technology and API
The modern application programming interface (API) is revolutionising business models around the globe. It is also creating a significant impact on the lives and expectations of the everyday man on the street.
A man sitting cashless in a cab, posting real-time birthday wishes to friends and family living on the other side of the world while also paying bills, ordering groceries and researching vacations is a typical example of how API has changed people’s lives.
On one hand, goods and services are moving across the ASEAN region quicker than ever before, and this means value transfers must be friction-free, safe, secure and compliant.
The financial services sector also continues to undergo digital disruption and change. To remain relevant, players must act on both the potential of APIs to transform relationships with customers and the role of interoperability, standardisation and security as catalysts for innovation.
Unlocking the strategic benefits of APIs
If the financial services sector were to continue creating delightful customer experiences, it must look towards a customer-centric model. Open platforms offer enhanced value creation, whereby two or more interdependent groups of customers interact to remove duplication, friction and transaction costs. All these while simultaneously forging connections that could not have occurred, or would have been too costly to take place outside this approach.
One key example of this is cross-border transfer. It relies on an array of interconnected relationship networks, underpinned by global conventions, standards and secure co...
Categories:
Keywords:
