In the past decade, many banks have created a developer portal to publish their open APIs. Developers can visit the portal, sign up, and use the bank’s APIs to drive their business initiatives.
Is this open banking in action?
While many banks would say yes, I begged to differ in a recent open banking webinar: there’s a lot more to providing a successful open banking platform than just APIs.
Open banking is more than external API connections. Open banking APIs are backed by consistency across the bank’s API ecosystem. This standardization acts as an accelerator for successful open banking deployment.
In this light, open banking compels businesses to treat APIs as products. Amplify Open Banking does just that.
The need to treat open banking APIs as products
When banks open their APIs to an external audience, developers are customers. Ultimately, they’re kingmakers who decide which APIs to use, which to discard, and who they’ll do business with at the end of the day.
Thinking about open banking APIs in this context lends itself to the value of an API product mindset.
If you’re serious about your APIs being products and trying to market and sell them like products, you need to keep developers (your customers) top of mind.
Developers can easily find open banking APIs relevant to their needs and get all the information and documentation they need for consumption. This information and documentation might include product overviews, use cases, and demo applications that walk you through the consent and setup process.
Developers can also get all the credentials they need to start testing endpoints. These test harnesses let them get more familiar with APIs, with the option to start using APIs in Postman for comfort.
When banks cater to developers in the same way they cater to their retail customers, the result is a compelling user experience that accelerates open banking API adoption.
Laura Heritage, Banking and Financial Services Leader at Axway, hits the nail on the head in a recent Q&A video on driving better adoption of open banking APIs:
The Amplify Open Banking solution
As the name suggests, Amplify Open Banking — which is based upon our proven API management solution and infrastructure — is opening up new opportunities for banks to accelerate their open API growth.
Banks can quickly and easily publish open banking APIs in a healthy ecosystem and enable value-driven solutions.
Three key feature sets of Amplify Open Banking help drive these results:
- An intuitive developer experience that supports productivity
- Access to pre-built open banking APIs based on dominant standards
- Security, identity, and consent aligned with your infrastructure
Amplify Open Banking presents APIs in a clear and very easy-to-understand way. When a developer clicks through to an API, they’ll see a business page that explains in simple language what the API does, along with support in the form of documentation and outreach links.
The business page can be white-labeled to make it part of the bank’s user experience, from the layout to the content.
You can use this framework to make the experience entirely your own.
With subscription mechanisms attached to APIs and credentials built into the products, developers can easily get up and running when they’re ready to move forward. It’s complete self-service for a developer from start to finish.
We’re providing a lot more than just the APIs. It’s the entire ecosystem that you need to get successfully up and running with the open banking solution.
Without writing any code, the open banking APIs are fully compliant, documented, and ready for implementation. As APIs change, updates are published and added to the API marketplace.
Providing the tools and the expertise
At Axway, we offer more than just an open banking solution: we bring 20 years of experience with API management and integrations so you achieve the open banking edge.
Axway helps banks wrap their arms around the complexities of open banking. As consumers ask for new things that add complexities to internal systems, banks have a foundation in place to continue serving their open banking needs.
And, as we can already see, gaining a foothold in the open banking arena lends itself to more opportunities. The idea of open finance is even evolving into open data.
Learn more about how to create a compelling open banking marketplace with this demo.