In brief

In brief

  • In response to competition and regulation, many banks have begun using APIs, but recent research shows only a few have realized their full potential.
  • API-driven organizations are future-ready. Thriving in an API economy is key to unlocking new sources of value for banks across the globe.
  • The approach towards adoption, technology for enablement, governance for delivery and an API ecosystem are crucial to the API economy.
  • We found APIs are much more than a technology solution. Taking full advantage of APIs requires holistic efforts.


To keep up with increasing competition and client expectations, banks should focus on providing customers with innovative, personalized and experience-based services. In response, the industry is looking to emerging technologies.

While there has been a lot of focus on artificial intelligence and machine learning, banks can also take advantage of other approaches and tools to innovate and go to market at high speed.

One of these are Application Programming Interfaces (APIs). If used correctly, they can become accelerators to business growth.

APIs can become the building blocks for banks’ efforts to connect and re-connect with customers. From new and profitable business models, to products and services that respond to customer needs and are aligned to their busy lives, APIs are the digital glue and key to unlocking new sources of value and business growth.

However, while many banks have begun using APIs within their IT systems, few have realized their full potential.

Taking full advantage of APIs requires a holistic view—seeing APIs as much more than just a technology solution. To do this requires implementing solutions through the “four pillars of the API economy”:

  1. Re-think the approach towards API adoption
  2. Consider the technology for API enablement
  3. Implement governance for API delivery
  4. Take steps to activate an API ecosystem

From API maturity assessments and advisory services, to setting up development frameworks, our experience, capabilities, resources and alliance and partner ecosystem can help banks thrive in an API economy.

By taking up the API journey with this organized, disciplined approach and a clear strategy, banks can position themselves to compete and win in the evolving, digital banking industry.

About the Authors

Carmina Lees

Managing Director – Financial Services Technology Advisory


Kateryna Pimakhova

Consultant – Financial Services Technology Advisory

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