Open Bank Project at Fintech storm, London, July 22rd 2015

1. Simon Redfern, CEO
@simsysims
@OpenBankProject
Bank as a
Platform
Transparency as an asset

2. 91

3. 78

4. 40

5. 25

6. 25

7. Extraction
€€€€€
Inequality +
Distrust +
Apathy +
Information Deficit
Corruption
Data
Obfuscation

8. Empowerment
Transparency

9. How similar?

10. Instagram
Selling sheep via Instagram

11. Open Banking
1995!
Why do we need a
Web site?!
2000! 2010! 2020!
Of course we have
a Web site!
Of course we
have an API!
Why do we need
an API?!
In the future, every bank will have an API
“By 2016, 75% of the top 50 global banks will have launched an API
platform and 25% will have launched a customer-facing app store”!
“Bank as a Platform”: Modern, open APIs accelerate sustainable and
secure customer-centric banking innovation by leveraging an ecosystem
of third party applications and services. !

12. Should !banks care?"!
Why

13. 71%!Of Millennials would rather go to the dentists
than listen to what banks are saying "!
Dissatisfaction
Source: The Millennial Disruption Index, Scratch 2014 !

14. Non-Banks Threats
¾ millennials would be more excited about an offering from new
entrants than from their own bank
Source: The Millennial Disruption Index, Scratch 2014 !
Challengers! New entrants?!Fintech startups!

15. Aging IT systems
The #1 barrier to innovation is IT system
Source: Innovation in Retail Banking 2013, Efma-Infosys!
!!!!

16. Upcoming regulation
EU PSD2 Mandates third party access to:!
• Payments!
• Account Info!
• Charges transparency!
• Authentication!
Poland!
• No more screen scraping!
UK Government wants:!
• Open Banking API standard for all UK Banks!
New regulations will accelerate move towards open banking

17. Meeting these challenges
Today’s bank needs to be agile and proactive.!
It needs an open and collaborative approach !
which fosters customer-centricity!
1/ Open its APIs!
2/ Develop an
ecosystem!
3/ Allow 3rd party
Apps!

18. The Open Bank Project
The Open Bank Project is an open
source API for banks!
1/ Open API
standard and
implementation!
2/ Developer !
Community!
3/ Apps for the
App Store!

19. The Open Bank Project
Banks can leverage the OBP API to create better customer relationships
Individuals & Businesses.!
Developers have easy access to banking data and trusted
services!
Customers enjoy a much greater choice of high quality and
secure services!
Banks instantly provide new and more secure services to their
customers. Offering faster time-to-market and cost savings!
Trusted 3rd Party!
Developers !
Retail / corporate
banks!
✔
✔
✔
An open source API and App Store for banks !
and an international community of developers using it!

20. How it works
OBP API!
Bank’s Legacy IT System!
Bank’s!
Customers!
Provided by
their bank! OBP App store!
3
2
1
(On different
platforms)!
Use innovative
financial apps!
Card-linked offers!
Cash management!
Accounting!ERP! KYC!
CRM!
Crowdfunding!
jQuery!
Savings!
Gamification!Data!
Visualisation!
Advisory! PFM!
AML!
Anti fraud!Regulation!
Financial
Institution’s data
center / cloud /
appliance
Banks can leverage the OBP API to create better customer relationships

21. Technical architecture
Capabilities:!
• Account information and
transaction history!
• Fund transfer!
• Data sharing!
• Data enrichment!
!
Tech!
• RESTful API / JSON!
• OAuth for authentication!
• Full test coverage!
• Continuous deployment!
• Developed with Scala!
• Runs on the JVM!

22. App examples
17 apps already using the Open Bank Project API!
Kinder Bank!

23. Social Finance
Sharing transaction data with the public and private groups

24. Banking Banquet
Different graphical representations of the same account

25. Time Balance
1 Select account(s)!
2 View !
aggregated !
balance at !
your top right!
3 View last !
Transactions !
when needed!

26. Apps…
...The possibilities are endless!!www.openbankproject.com/apps!

27. Banks & Partners
• PoCs with tier 1 banks!
• Temenos, (700+ bank customers)!
• Service partners in Nigeria, Singapore and USA!
• Innovation events with Rabobank, RBS, BNP Paribas!
• Moving to production with large banks in Nigeria!
!
Incubated at !

28. Developer community
Hack/Make The Bank is an intensive marathon
of brainstorming and programming for the FSS!

29. !
!
@OpenBankProject!
!
"
www.openbankproject.com"
www.hackmakethebank.com"
http://bankingapis.com/ 23rd +
24th September 2015"
Thank You!