Speaking at APIdays Paris 2019 Nouamane Cherkaoui, CIO at Societe Generale, presented ‘How APIs Empower an Open Banking Strategy.
Nouamane believes banking is living through a historical transformation of the banking industry, inspired by FinTech’s and the rise of API integrations.
Goodbye Banks, Hello Banking
He describes this transformation as being illustrated through the quote “Banking is no longer somewhere you go, but something you do.”
The explosion of new technologies, from APIs through Cloud computing and smart phones, has empowered customers of any age to become adept at digital banking. FinTech startups have provided the accelerant for this ecosystem and grown the market banks now must also participate and compete in.
Open Banking Ecosystem
From 7m:25s Nouamane begins examining the Open Banking Ecosystem, identifying the multitude of players, from traditional through challenger banks, FinTech startups and even the looming involvement of tech firms like Facebook and Google, a trend that is pushing traditional banks to become invisible.
At 8m:40s he concentrates on the core role of the API, and how this enables opening up of a much larger spectrum of opportunity, achieved through engaging customers with new apps that they value.
Key to their success are common open standards for interchange and the right tools for managing their KPIs, so that the banks can easily see how well products are performing.
FranFinance – Credit as a Platform
From 11m:30s Nouamane focuses on the specific market strategy he leads.
At their core they provide corporate and individual loans, but their ‘lego brick’ approach to technology, and their marketplace of partners, means that they can plug and play a variety of different service models. Partners can pick and choose what individual service elements they wish, and they operate an omnichannel strategy, so that services can span across physical and digital worlds.
The presentation concludes at 14m:40s with a follow on Q&A.