A leading global bank on the road to API enablement
A leading global bank
Banking and financial services
A leading global bank based in New York sought to evaluate the extent to which APIs could enhance product quality and improve service levels for its worldwide clients.
Internally, the bank anticipated that APIs would enable seamless information exchange within the bank, making it feasible to create a universal customer profile. At the time, customer information within the bank was spread across multiple line-of-business solutions and reliant upon multiple file and messaging formats, making it difficult for CSRs and clients to access frequently needed information with the necessary speed and ease of use.
Externally, the bank sought easier onboarding of customers from third-party platforms, smoother integration with third-party providers of KYC/AML solutions, and expanded digital distribution of financial services through marketing and distribution partners.
The bank turned to Mindtree to undertake a global review of its products, services, technology, and architecture, resulting in a comprehensive list of existing operational challenges and business growth opportunities. From this analysis that Mindtree presented, several high-value candidates for API enablement were identified as having the greatest potential for profit enhancement.
Each of the candidates for API enablement was validated and ranked through a workshop organized by Mindtree that involved representatives from the lines of business involved, as well as from technology and operations personnel. The ensuing focus group discussions resulted in a broad consensus on the highest priorities.
The results of these discussions were compiled into a written recommendation detailing how the bank could proceed with a phased approach toward API enablement by following a multi-year roadmap.
The bank has undertaken an API enablement strategy that will enhance its digital business models through the proliferation of internal APIs, enable value-added services by exposing APIs externally to partners, and improve client engagement by co-creating apps with strategic stakeholders.