In order to continue to stay relevant to its customers, Commerzbank focused on achieving digital transformation with AMPLIFY API Management. Presenters at IMAGINE SUMMIT in Chantilly, Daniel Lê, Chapter Lead API Banking, Commerzbank and Philipp Schwaab, Product Owner API Hub, VP Engineering Standards lead the charge. For Commerzbank, it’s not about technology, it’s about being ready.
Commerzbank is the second largest international commercial bank in Germany. The bank employs over 50,000 employees with over 500 billion EUR assets. They have over 1,100 branch offices in over 50 countries. Commerzbank has two business segments: Private and Small Business Customers, as well as Corporate clients. The bank offers its clients an all-encompassing selection of financial services tailored to its clients’ specifications.
With Commerzbank’s extensive reach, they finance around 30% of Germany’s foreign trade, along with leading in financing for corporate clients in Germany. And their subsidiaries, Comdirect in Germany and mBank in Poland, are two of the world’s most modern online banks.
Challenges to meet
Commerzbank had some big challenges to meet. By breaking the chains of the past, Commerzbank adopted a digital transformation strategy for the future. First, it set in place rigorous regulations. It also faced challenges of the traditional banking model, along with increased expectations for security and transparency. Furthermore, with growing pressure from companies such as Google and Apple, along with the developing cooperation between financial institutions and non-industry companies, the bank faced a lack of innovation abilities and experience to tackle its problems.
AMPLIFY API Management
Enter Axway’s AMPLIFY™ API Management! With API Management in place, the bank was able to digitally transform its operation. Commerzbank introduced API Banking. This key benefit is building an infrastructure of the platform, making interfaces simpler, along with modernizing the bank, together with backend systems. The advantages of this infrastructure are to make API Banking more flexible, faster, cost-effective, along with being more integrated and profitable. The new API Banking Hub allows for better business solutions for Commerzbank’s customers. With APIs, customers can now easily develop, test and implement their business ideas. Learn more about how API Management works.
AMPLIFY API Management allows for an API Lifecycle. This provides extensive capabilities such as reporting and billing to internal and external customers, monitoring and reporting, security and full management of the API platform. Also, the customer is provided with documentation, rollout management and defect management/issue management.
Read why APIs and API Management are so important.