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POWERPLAYSFOR
MONETIZING
OPENBANKINGAPIS
Turning Open Banking into an
opportunity to drive growth
and reduce costs
THE RISEOFTHEAPI
ECONOMY
THE API ECONOMY HAS
EXPLODED OVER THE PAST
DECADE
Expedia provides API based tool generated over 85%
of Expedia’s revenues
eBay’s Buy APIs have generated $1bn+ gross
merchandise sales in 3 years
Visa paid $5.3bn for API-driven fintech Plaid
POWER PLAYS FOR MONETIZING OPEN BANKING APIS2 Copyright © 2020 Accenture. All rights reserved.
OPENBANKINGPULLS
BANKSINTOTHE API
ECONOMY
Open Banking regulations pull banks into the
API economy and the broader financial services
ecosystem, offering an opportunity to emulate
the learnings and successes from tech
platform companies and fintechs. Leading
banks in the UK and Europe are looking beyond
regulatory compliance towards monetization of
Open Banking services and interfaces.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS3 Copyright © 2020 Accenture. All rights reserved.
LESSONSFROMEUROPEFOROTHER
MARKETS
Banks operating in markets where Open Banking
regulations are less mature are finding inspiration from
Europe about how they can implement Open Banking
regulations with monetization in mind from the outset.
This could position them to adopt future-proof
technologies and business models that are primed for
long-term competitive advantage.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS4 Copyright © 2020 Accenture. All rights reserved.
LEADING BANKS REORGANIZE THEIR
BUSINESSFOROPENBANKING
TOKEEP PACE WITH FINTECH INNOVATORS, THE LEADING INCUMBENT BANKS ARE:
Re-evaluating their operating models
Investing in open technology architecture
Rethinking data management needs
Finding new ways of working with ecosystem
partners
POWER PLAYS FOR MONETIZING OPEN BANKING APIS5 Copyright © 2020 Accenture. All rights reserved.
OPENBANKING BUSINESSMODELS
Banks can leverage their brands and customer bases to partner with other firms and offer new
innovative services. Most banks will choose between two Open Banking business models:
BANKING AS A PLATFORM BANKING AS A SERVICE
A bank aggregates its traditional services with
digital and new services from third party
partners and offers new services on its own
channels.
Allows banks to use APIs to distribute core
financial services products through third-
party or partner-owned channels.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS6 Copyright © 2020 Accenture. All rights reserved.
USECASESFORBANKING ASAPLATFORM AND
BANKING ASASERVICE
BANKING AS A PLATFORM BANKING AS A SERVICE
Personal Financial Management: Aggregation of bank
accounts and financial services for retail customers to
enable better financial management.
Accounting Platforms: Partnerships with accounting
platform providers for easier payments and receivables
reconciliation.
Invoicing and Request to Pay: Invoicing, receivables
management, payment of e-invoices and request to pay.
Marketplaces: Financial and non-financial marketplaces
offering best-of-breed products/services to customers.
Product Origination: Account opening directly from
third party or partner’s web site or app.
Car Loans: Offering car loans as an integrated part of the
car purchase journey in partnership with car dealerships.
Treasury: Treasury, cash management, international
payments offered as APIs for integration into ERP/TMS.
Buy Now Pay Later: Pay in easy instalments initiated
through e-commerce websites.
Industry Initiatives: Industry alliances with partners such
as telecoms and airlines, e.g IATA Pay, an industry-supported
initiative in which payments for airline tickets are made from the
customer’s bank account directly into the bank account of the
merchant.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS7 Copyright © 2020 Accenture. All rights reserved.
THE BENEFITS OFBANKING ASAPLATFORM AND
BANKING ASASERVICEFORBANKS
BANKING AS A PLATFORM BANKING AS A SERVICE
Generate new revenue streams by cross- and up-
selling of the new services and products.
Attract more customers with the wide range of
products and tailored offerings.
Accelerate speed to market and enhance the
quality of product offerings.
Reduce costs for developing new offerings.
Expand distribution channels and market reach via
access to new customers.
Generate new revenue streams by selling services
and products through partners.
Develop faster go-to-market opportunities by
accessing the new customer base.
Reduce operating and marketing costs for
products and services.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS8 Copyright © 2020 Accenture. All rights reserved.
Referral Fee: The third party pays the bank for listing and selling its
product via the banking distribution channel. Depending on the
type of the product, this may be structured as:
• Fixed Fee
• Unit Based Fee
• Transaction percentage Fee
Revenue Sharing: In some cases the third party may reach
agreement with the bank on a shared-revenue model. This is
suitable for more complex products. Examples: investments,
savings and commercial loans.
DIRECTANDINDIRECTMONETIZATION FOR
BANKING ASAPLATFORM
Banks that pursue a banking-as-a-platform model can offer third-
party products access to the bank’s distribution channels, in return
for a fee from the third party.
DIRECT MONETIZATION
Banks pursuing a banking-as-a-platform model can also leverage
Open Banking to increase their customer base, lower operating
costs or improve efficiency.
INDIRECT MONETIZATION
Customer Acquisition: Banks can acquire new customers or
expand into newer markets and boost their market capitalization
Lower Product Costs: Banks can also experiment with new
offerings and offer, through partnerships, products which they
don’t currently manufacture in a cost-effective way. They can
significantly reduce their go-to-market costs for new services and
products and, in some cases, reduce their risk exposure and
liabilities.
Efficiency Gains: Banks can simplify certain processes using APIs,
resulting in reduced internal costs. For example, mortgage costs
can be optimized by using own and partner APIs to reduce the
paper documents that customers need to present and cut down on
manual processing in the decisioning process.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS9 Copyright © 2020 Accenture. All rights reserved.
DIRECTANDINDIRECTMONETIZATION FOR
BANKING ASASERVICE
DIRECT MONETIZATION
Banks that pursue a banking-as-a-service model can get paid by third
parties for the use of their APIs, or they can use the third parties to
distribute their APIs on their behalf, for a fee.
Freemium: A popular way to provide access to an API product is by
offering it for free up to a predefined limit and charging for the use of
features beyond this limit.
Third Party Pays: Beyond free access, it is important to establish a
model where the third party pays to use the APIs that typically serve
its needs:
• Tiered
• Pay as you go
• Unit- based
Third Party Gets Paid: In some cases, banks pay third parties for using
their APIs, especially if these APIs generate new product or service
revenues for the bank:
• Pay per Click
• Pay per Acquisition
• Referral
INDIRECT MONETIZATION
Banks that pursue a banking-as-a-service model can leverage APIs to
increase reach and awareness, improve partner integration or
reduce costs.
Increased Reach and Awareness: Other distribution channels, could
be used to grow the customer base and cross-sell to the existing or
new customers.
Improved Partner Integration: Banks can improve the partner channel
experience by introducing banking APIs as a part of day-to-day
customer journeys
Reduce Costs: Banks can use APIs to optimize their internal processes
and reduce costs.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS10 Copyright © 2020 Accenture. All rights reserved.
SOMEBANKSAREPURSUINGFINTECH
PARTNERSHIPSTOENHANCEVALUE-
ADDED SERVICESANDCONSOLIDATEA
WIDERANGEOFFINANCIALSERVICESIN
ONEPLACE.
For example, Starling Bank’s Starling Marketplace offers
investments (via Wealthsimple), pensions (PensionBee),
invoice insurance (Nimbla), mortgage origination
(Habito) and business loans (Growth Street).
CHOOSINGPARTNERS
INTHE EVOLVING
OPENBANKING
ECOSYSTEM
POWER PLAYS FOR MONETIZING OPEN BANKING APIS11 Copyright © 2020 Accenture. All rights reserved.
CROSS-INDUSTRYPARTNERSHIPSIN
OPENBANKING
USE CASE EXAMPLES
Personal Finance Mgt Starling + Emma; ABN Amro + Tink
Shopping, Offers, Loyalty Monzo + flux
Shopping Paydirekt (40+ banks, 1100+ retailers)
Accounting, Bookkeeping Starling + Xero; RBS + FreeAgent
Digital Banking FidorBank + Telefonica
Insurance N26 + Allianz Assistance
Real Estate DBS + EdgeProp
Travel Bookings DBS + Expedia + Singapore Airlines
Travel Payments Deutsche Bank + IATA
PARTNERSHIPS
Bank + Fintech
Bank + Fintech
Bank + Retail
Bank + Fintech
Bank + Telecom
Bank + Insurer
Bank + Property Portal
Bank + Travel Portal + Airlines
Bank + Industry Body
POWER PLAYS FOR MONETIZING OPEN BANKING APIS12 Copyright © 2020 Accenture. All rights reserved.
OPEN BANKING IS AN
INNOVATION THAT IS
TRANSFORMING THE
INDUSTRY. TOMORROW’S
WINNERS ARE DECIDING HOW
BEST THEY STAND TO GAIN
FROM IT.
POWER PLAYS FOR MONETIZING OPEN BANKING APIS13
OPEN BANKING:
A BRAVE NEW WORLD
Copyright © 2020 Accenture. All rights reserved.
DOWNLOAD THE REPORT
FOR MORE INFORMATION
CONTACT THE AUTHORS
AMIT MALLICK
Managing Director – Global Open Banking & API
Lead amit.mallick@accenture.com
ANDREW MCFARLANE
Managing Director – Payments and Open Banking,
Canada andrew.g.mcfarlane@accenture.com
EWA WOJCIK
Manager – Payments and Open Banking
e.wojcik@accenture.com
ABOUT ACCENTURE
Accenture is a leading global professional services company, providing a broad range
of services and solutions in strategy, consulting, digital, technology and operations.
Combining unmatched experience and specialized skills across more than 40
industries and all business functions – underpinned by the world’s largest delivery
network – Accenture works at the intersection of business and technology to help
clients improve their performance and create sustainable value for their stakeholders.
With approximately 509,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and lives.
Visit us at
www.accenture.com
Copyright © 2020 Accenture. All rights reserved. Accenture, its logo, and High Performance
Delivered are trademarks of Accenture. This document is produced by consultants at Accenture as
general guidance. It is not intended to provide specific advice on your circumstances. If you require
advice or further details on any matters referred to, please contact your Accenture representative.
STAY CONNECTED
www.accenture.com/MonetizeOpenBanking
Accenture Banking Blog
Accenture Banking
@bankinginsights
Power Plays for
Monetizing Open
Banking APIs

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Power plays for Monetizing Open Banking APIs

  • 1. POWERPLAYSFOR MONETIZING OPENBANKINGAPIS Turning Open Banking into an opportunity to drive growth and reduce costs
  • 2. THE RISEOFTHEAPI ECONOMY THE API ECONOMY HAS EXPLODED OVER THE PAST DECADE Expedia provides API based tool generated over 85% of Expedia’s revenues eBay’s Buy APIs have generated $1bn+ gross merchandise sales in 3 years Visa paid $5.3bn for API-driven fintech Plaid POWER PLAYS FOR MONETIZING OPEN BANKING APIS2 Copyright © 2020 Accenture. All rights reserved.
  • 3. OPENBANKINGPULLS BANKSINTOTHE API ECONOMY Open Banking regulations pull banks into the API economy and the broader financial services ecosystem, offering an opportunity to emulate the learnings and successes from tech platform companies and fintechs. Leading banks in the UK and Europe are looking beyond regulatory compliance towards monetization of Open Banking services and interfaces. POWER PLAYS FOR MONETIZING OPEN BANKING APIS3 Copyright © 2020 Accenture. All rights reserved.
  • 4. LESSONSFROMEUROPEFOROTHER MARKETS Banks operating in markets where Open Banking regulations are less mature are finding inspiration from Europe about how they can implement Open Banking regulations with monetization in mind from the outset. This could position them to adopt future-proof technologies and business models that are primed for long-term competitive advantage. POWER PLAYS FOR MONETIZING OPEN BANKING APIS4 Copyright © 2020 Accenture. All rights reserved.
  • 5. LEADING BANKS REORGANIZE THEIR BUSINESSFOROPENBANKING TOKEEP PACE WITH FINTECH INNOVATORS, THE LEADING INCUMBENT BANKS ARE: Re-evaluating their operating models Investing in open technology architecture Rethinking data management needs Finding new ways of working with ecosystem partners POWER PLAYS FOR MONETIZING OPEN BANKING APIS5 Copyright © 2020 Accenture. All rights reserved.
  • 6. OPENBANKING BUSINESSMODELS Banks can leverage their brands and customer bases to partner with other firms and offer new innovative services. Most banks will choose between two Open Banking business models: BANKING AS A PLATFORM BANKING AS A SERVICE A bank aggregates its traditional services with digital and new services from third party partners and offers new services on its own channels. Allows banks to use APIs to distribute core financial services products through third- party or partner-owned channels. POWER PLAYS FOR MONETIZING OPEN BANKING APIS6 Copyright © 2020 Accenture. All rights reserved.
  • 7. USECASESFORBANKING ASAPLATFORM AND BANKING ASASERVICE BANKING AS A PLATFORM BANKING AS A SERVICE Personal Financial Management: Aggregation of bank accounts and financial services for retail customers to enable better financial management. Accounting Platforms: Partnerships with accounting platform providers for easier payments and receivables reconciliation. Invoicing and Request to Pay: Invoicing, receivables management, payment of e-invoices and request to pay. Marketplaces: Financial and non-financial marketplaces offering best-of-breed products/services to customers. Product Origination: Account opening directly from third party or partner’s web site or app. Car Loans: Offering car loans as an integrated part of the car purchase journey in partnership with car dealerships. Treasury: Treasury, cash management, international payments offered as APIs for integration into ERP/TMS. Buy Now Pay Later: Pay in easy instalments initiated through e-commerce websites. Industry Initiatives: Industry alliances with partners such as telecoms and airlines, e.g IATA Pay, an industry-supported initiative in which payments for airline tickets are made from the customer’s bank account directly into the bank account of the merchant. POWER PLAYS FOR MONETIZING OPEN BANKING APIS7 Copyright © 2020 Accenture. All rights reserved.
  • 8. THE BENEFITS OFBANKING ASAPLATFORM AND BANKING ASASERVICEFORBANKS BANKING AS A PLATFORM BANKING AS A SERVICE Generate new revenue streams by cross- and up- selling of the new services and products. Attract more customers with the wide range of products and tailored offerings. Accelerate speed to market and enhance the quality of product offerings. Reduce costs for developing new offerings. Expand distribution channels and market reach via access to new customers. Generate new revenue streams by selling services and products through partners. Develop faster go-to-market opportunities by accessing the new customer base. Reduce operating and marketing costs for products and services. POWER PLAYS FOR MONETIZING OPEN BANKING APIS8 Copyright © 2020 Accenture. All rights reserved.
  • 9. Referral Fee: The third party pays the bank for listing and selling its product via the banking distribution channel. Depending on the type of the product, this may be structured as: • Fixed Fee • Unit Based Fee • Transaction percentage Fee Revenue Sharing: In some cases the third party may reach agreement with the bank on a shared-revenue model. This is suitable for more complex products. Examples: investments, savings and commercial loans. DIRECTANDINDIRECTMONETIZATION FOR BANKING ASAPLATFORM Banks that pursue a banking-as-a-platform model can offer third- party products access to the bank’s distribution channels, in return for a fee from the third party. DIRECT MONETIZATION Banks pursuing a banking-as-a-platform model can also leverage Open Banking to increase their customer base, lower operating costs or improve efficiency. INDIRECT MONETIZATION Customer Acquisition: Banks can acquire new customers or expand into newer markets and boost their market capitalization Lower Product Costs: Banks can also experiment with new offerings and offer, through partnerships, products which they don’t currently manufacture in a cost-effective way. They can significantly reduce their go-to-market costs for new services and products and, in some cases, reduce their risk exposure and liabilities. Efficiency Gains: Banks can simplify certain processes using APIs, resulting in reduced internal costs. For example, mortgage costs can be optimized by using own and partner APIs to reduce the paper documents that customers need to present and cut down on manual processing in the decisioning process. POWER PLAYS FOR MONETIZING OPEN BANKING APIS9 Copyright © 2020 Accenture. All rights reserved.
  • 10. DIRECTANDINDIRECTMONETIZATION FOR BANKING ASASERVICE DIRECT MONETIZATION Banks that pursue a banking-as-a-service model can get paid by third parties for the use of their APIs, or they can use the third parties to distribute their APIs on their behalf, for a fee. Freemium: A popular way to provide access to an API product is by offering it for free up to a predefined limit and charging for the use of features beyond this limit. Third Party Pays: Beyond free access, it is important to establish a model where the third party pays to use the APIs that typically serve its needs: • Tiered • Pay as you go • Unit- based Third Party Gets Paid: In some cases, banks pay third parties for using their APIs, especially if these APIs generate new product or service revenues for the bank: • Pay per Click • Pay per Acquisition • Referral INDIRECT MONETIZATION Banks that pursue a banking-as-a-service model can leverage APIs to increase reach and awareness, improve partner integration or reduce costs. Increased Reach and Awareness: Other distribution channels, could be used to grow the customer base and cross-sell to the existing or new customers. Improved Partner Integration: Banks can improve the partner channel experience by introducing banking APIs as a part of day-to-day customer journeys Reduce Costs: Banks can use APIs to optimize their internal processes and reduce costs. POWER PLAYS FOR MONETIZING OPEN BANKING APIS10 Copyright © 2020 Accenture. All rights reserved.
  • 11. SOMEBANKSAREPURSUINGFINTECH PARTNERSHIPSTOENHANCEVALUE- ADDED SERVICESANDCONSOLIDATEA WIDERANGEOFFINANCIALSERVICESIN ONEPLACE. For example, Starling Bank’s Starling Marketplace offers investments (via Wealthsimple), pensions (PensionBee), invoice insurance (Nimbla), mortgage origination (Habito) and business loans (Growth Street). CHOOSINGPARTNERS INTHE EVOLVING OPENBANKING ECOSYSTEM POWER PLAYS FOR MONETIZING OPEN BANKING APIS11 Copyright © 2020 Accenture. All rights reserved.
  • 12. CROSS-INDUSTRYPARTNERSHIPSIN OPENBANKING USE CASE EXAMPLES Personal Finance Mgt Starling + Emma; ABN Amro + Tink Shopping, Offers, Loyalty Monzo + flux Shopping Paydirekt (40+ banks, 1100+ retailers) Accounting, Bookkeeping Starling + Xero; RBS + FreeAgent Digital Banking FidorBank + Telefonica Insurance N26 + Allianz Assistance Real Estate DBS + EdgeProp Travel Bookings DBS + Expedia + Singapore Airlines Travel Payments Deutsche Bank + IATA PARTNERSHIPS Bank + Fintech Bank + Fintech Bank + Retail Bank + Fintech Bank + Telecom Bank + Insurer Bank + Property Portal Bank + Travel Portal + Airlines Bank + Industry Body POWER PLAYS FOR MONETIZING OPEN BANKING APIS12 Copyright © 2020 Accenture. All rights reserved.
  • 13. OPEN BANKING IS AN INNOVATION THAT IS TRANSFORMING THE INDUSTRY. TOMORROW’S WINNERS ARE DECIDING HOW BEST THEY STAND TO GAIN FROM IT. POWER PLAYS FOR MONETIZING OPEN BANKING APIS13 OPEN BANKING: A BRAVE NEW WORLD Copyright © 2020 Accenture. All rights reserved.
  • 14. DOWNLOAD THE REPORT FOR MORE INFORMATION CONTACT THE AUTHORS AMIT MALLICK Managing Director – Global Open Banking & API Lead amit.mallick@accenture.com ANDREW MCFARLANE Managing Director – Payments and Open Banking, Canada andrew.g.mcfarlane@accenture.com EWA WOJCIK Manager – Payments and Open Banking e.wojcik@accenture.com ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 509,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com Copyright © 2020 Accenture. All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture. This document is produced by consultants at Accenture as general guidance. It is not intended to provide specific advice on your circumstances. If you require advice or further details on any matters referred to, please contact your Accenture representative. STAY CONNECTED www.accenture.com/MonetizeOpenBanking Accenture Banking Blog Accenture Banking @bankinginsights Power Plays for Monetizing Open Banking APIs