Customer experience and your bottom line
Executive summary for banking and capital markets.DOWNLOAD
The Second Payment Services Directive (PSD2) and the UK Open Banking Standard are kick starting a financial services revolution that will connect consumers, third party applications and banks in new ways. This is a revolution starting with regulatory-driven application programming interfaces (APIs), and will evolve naturally into banks participating in a broader API economy. Whilst PSD2 regulation mandates this base API level for compliance in 2018, more progressive financial institutions will use this as a catalyst for digital transformation. They will assess the new challenges and opportunities presented by traditional competitors, fintech start-ups, and new market entrants from other sectors - who all seek to own part or all of the consumer journey.
In this whitepaper we explore opportunities for innovation and how this acts as a catalyst for digital transformation in banking. We explain how banks can respond to PSD2 obligations, and how Microsoft solutions are helping financial institutions establish a platform that builds on existing investments and adds flexibility to meet future change, growth and partnership opportunities.
For more insight on this topic you can watch the recording of our PSD2 and Open Banking webinar. There are some great panel discussions as well as an interview with Jorge Baião, CIO, Crédito Agricola and a demonstration of our unique Azure API management accelerator.
Avanade and Accenture have partnered together to create a unique API management accelerator, hosted on Microsoft Azure. The accelerator will enable financial services firms to fast-track their Open API led innovation and provides them with the ability to market-test new value propositions and engage with innovative fintechs and partners via a marketplace model.
The Azure API management accelerator is a self-contained, virtual environment that provides a secure space for market testing, digital innovation and ecosystem activation. It provides a single entry interface for multiple user groups ranging from internal stakeholders and developers to external third parties. The Azure API sandbox is intended to accelerate the technical compliance of upcoming regulations including PSD2. Features of the accelerator include:
In addition to implementing the Azure API management accelerator, Accenture and Avanade have proven experience in supporting financial services firms to define their API strategy, architecture, security impact, ecosystem activation, API monetisation and operating model.
To learn more about Accenture’s Azure API Management Accelerator, contact Mohan Naidu, Banking Architect for Europe.
Find out how digital technology can transform your bank’s operations.