Digital and API Banking

For years, banks struggled to decide between “IT first” – offering an enhanced range of banking products and services – and “bank first” – continuously upgrading their operating technology. Today, the choice is no longer binary. Banking is moving in a new direction – to “customer first” – and a new industry concept – the API economy – is enabling the transition.

The application programming interface (API) economy enables banks with various levels of technical sophistication to exchange data in multiple ways. This extends their ability to deploy and market emerging new products and services to customers.

In practice, the API economy forms an infrastructure within banks that can access a whole network of outside specialist technology players. Banks can collaborate securely with these players to evolve their product and service offerings. As a result, banks win new business by promoting and proving the value of innovation to their customers, and delivering leading-edge products and services, while staying within sensible limits of cost and risk exposure.

Capco Digital supports banking clients in creating the infrastructure they need to work effectively through the API economy, overcoming the limitations of legacy core systems. We can help source and broker introductions to digital market leaders. We also nurture innovative concepts, turning them into delivered reality for our clients. In today’s data-driven, customer-first marketplace, successfully engaging with the API economy is a requirement for providing relevant banking products and services.

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