Digitized Banking and the Developer Community

Digitalisation is not something that is going to eventually hit us, it is the new normal. It is a state of constant reinvention to thrive in this ‘Matrix inclined’ world, if I may say so.

Customer centric models, rapid growth of digitized products, the tech savvy millennial, hyper competition are just some of the reasons for this rapid shift. Today, more than ever, keeping in leu the ongoing Covid-19 pandemic, the importance of digitization cannot be stressed on enough. With the concept of Mobile first payment solutions, to digitalised services, banks have their hands full regarding this challenge.

AORTA, Always on Real Time Access is the future customer are looking out for. Therefore, the Omnichannel approach is something which all banks are aiming for to have a synergy in all their multichannel services and provide a seamless customer experience. However, apart from these aspects, we need to look into how to maintain a development community for banks.

Third party integration: Open APIs are growing at an alarming rate. Nevertheless, if we take the example of Sweden’s Saxo Bank’s open API we can see that even though the doors are open, we don’t have developers knocking at them right away. Ways to lure that community is the question at hand.

1)     Tipping Strategy: Platform providers should cross boundaries of existing market to absorb technology ideas from adjuncant markets, bundle them into their own platforms and form stronger coalitions

2)     Coupled Open Innovation Strategy: During the course of this strategy the company would combine the Outside-In strategy to integrate external resources into the platform thereby improving services as well as the Inside-Out strategy thereby moving internal developed resources to the external environment. Thus benefiting the developer community as well.

3)     The aim should be to have a platform that can sustain Generativity thereby encompass a large number of new components onto the platform. Progressive web apps would aid in this by their ability to function as native apps as well as operate on various other platforms.

4)     Layered architecture and distributed network of platforms attracts different partners to design new components outside a platform core.

5)     Co financing options also should be included in more domains in today's world thereby reducing charges for the customers and providing a stable income to the third parties.

6)     Platforms should provide for build your own portfolio analysis tool, or export your balances and positions into your preferred tool (Excel, R, etc).

7)     Develop a native application to keep up-to-date with market rates and your account performance.

8)     Develop a targeted trader with an optimized UI for your particular trading style and instrument universe