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Adoption of APIs
Urgent need for financial services industry players to adopt APIs to keep pace with the acceleration of the digital economy
Singapore, 17 November 2016 – While financial institutions in Singapore are acutely aware that they need to be agile and digitally transform to stay ahead and engage the increasingly digitally enabled consumers, many of them may not know where and how to start.
Recognising that financial institutions need help and support to transform their legacy systems, the Association of Banks in Singapore launched the “Finance-as-a-Service: API Playbook” at the Singapore FinTech Festival being held this week.
This playbook provides guidance to financial institutions, FinTech players and other interested entities in developing and adopting open Application Programming Interface (API) based system architecture.
Deloitte was involved in the production of the playbook and provided insights into why the financial services industry should adopt APIs, how industry players can leverage on seamless data exchange through APIs to encourage innovative thinking and actions, and how they can build and develop APIs within their organisations to take their business to the next level in the digital economy.
“The digital economy finds its innovation efforts being stifled by legacy. In this environment, the adoption of APIs by the financial services industry can help boost innovation and business agility, clearly making APIs a critical enabler to support the acceleration of digital economy,” said Mr Mohit Mehrotra, Strategy Consulting Leader, Deloitte Southeast Asia.
“Organisations need to ensure APIs have the clarity of a well-positioned product - a clear intention, a clean definition of the value, and perhaps more importantly, a clearly defined audience. It is important to plant the seed of how business services and APIs can unlock new business models,” added Mohit.
“Open APIs are especially important. They are great time savers and will contribute significantly to a thriving Fintech ecosystem,” said Mr Ho Kok Yong, Financial Services Industry Leader, Deloitte Southeast Asia.
“The APIs is one of the many ways financial services industry players can digitally transform their operations and services to remain competitive in today’s marketplace. Our collaboration with ABS and key financial institutions, encourages the development and uptake of APIs and is a sign of strong support from industry players in both public and private sectors to help Singapore advance its position as a Smart Financial Centre,” added Kok Yong.
Research from Deloitte & the World Economic Forum
The resolvability challenge for banks