The consumer demand for digital banking applications is insatiable. The number of third party application providers, referred to as FinTechs, is exploding. Not surprisingly, investment in FinTech has soared in the last decade from $1.8B in 2010 to $19B in 2015. This is just the beginning.
In the European Union, the PSD2 directive, which will be fully effective in 2018, was created with open and secure access to banking data in mind. The objective of the PSD2 is to allow FinTech firms to use the information stored in financial institutions via open banking APIs.
To supply FinTech firms with the information that they need, banks must create APIs that allow those firms to securely and reliably use banking information to fuel their applications. In order to meet the growing need, banks are shifting technology resources from building customer applications themselves to monetizing their data and exposing their banking capabilities to FinTech consumers. This partnering strategy supports revenue growth and capture of new markets at a lower cost.
Building the APIs is foundational and the technology effort to do so is considerable. These are new banking products, with a new customer base, and a different revenue strategy.
The vast majority of banks (91.3%) and most FinTech firms (75.3%) say that they expect to collaborate in the future. Banks provide access to their broad resources, experience, and expertise while FinTech firms offer agility, speed-to-market, and a customer focus.
Acumen Solutions' Open Banking: FinTech Connect solution provides banks with a turnkey private FinTech engagement platform that features partner onboarding, lead sharing, developer support, and API analytics. The solution allows banks to drive more revenue from their API investments by:
As with every new product, banks need to build relationships with their FinTech partners. They must initiate, develop, nurture, retain, and measure the relationship to drive success. Acumen Solutions' Open Banking: Fintech Connect solution is designed to provide support during every stage of the relationship.
Open Banking: Fintech Connect provides:
Success requires growing the overall number of FinTech firms that use your APIs. The biggest obstacle? The exhaustive onboarding process. Our purpose-built solution helps you facilitate, communicate, and manage every step of the process in a shared environment with your partners.
FinTech firms have choices. Choosing to work with your bank means you provide more value back to your partner than your competition. Our solution simplifies and automates lead development with your qualified partners as they develop applications on your platform.
Step one is building the API, step two is being able to provide robust support. Support can be expensive and poor support is even more costly. Our solution? Connect clients to the experts within your organization with the tools they already use such as your knowledge base, Slack, and GitHub.
Building a growing business means being able to measure performance and prevent downturns. Acumen Solutions' Open Banking: FinTech Connect solution helps you provide the right resources to your partners at the right time, based on maturity. Our solution also quickly identifies successful partners, struggling partners, and partners at risk of attrition.
HOW IT WORKS
- Developer Relationship Management: The ability to market, nurture, and enable developers
- A Developer Community: A support framework to share knowledge, code snippets, and questions integrated with developer tools, Slack, and GitHub
- Developer Maturation: Digital learning, certification, and automation of the API entitlement process
- API Consumption and Marketing: Automatically determine where a partner is in their selection and development path and engage with the right message
- Advanced Analytics: Monitor partner API engagement to support those who might attrit and those with promising applications
Open Banking: FinTech Connect leverages the power of Salesforce Community, Marketing, Einstein Analytics, and App Clouds. The solution has robust capabilities including drip marketing, partner certification, partner self-service, content library, public knowledge base, case intake/resolution, data optimization, and process optimization.
Acumen Solutions' Open Banking: FinTech Connect solution allows banks and FinTech firms to work together and take advantage of APIs by leveraging their complementary strengths and enhancing the customer experience.