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Power plays for Monetizing Open Banking APIs

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Accenture examines how incumbent banks can use Open Banking as an opportunity to capture significant new revenue streams and efficiencies from the application programming interface (API) economy. Learn more: www.accenture.com/MonetizeOpenBanking

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Power plays for Monetizing Open Banking APIs

  1. 1. POWERPLAYSFOR MONETIZING OPENBANKINGAPIS Turning Open Banking into an opportunity to drive growth and reduce costs
  2. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.
  14. 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