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API Adoption Patterns in Banking & The Promise of Microservices

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Akana VP of Product Marketing, Sachin Agarwal, explains API adoption patterns that are specific to banking, and how microservices can be used to help develop financial applications.

Published in: Technology
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API Adoption Patterns in Banking & The Promise of Microservices

  1. 1. API ADOPTION PATTERNS IN BANKING & THE PROMISE OF MICROSERVICES? Sachin Agarwal
  2. 2. Digital Disruption in Banking Mobile Cloud Customer Centric Block Chain Payments FinTech
  3. 3. Traditional Bank’s Challenges Regulation Security Infighting Mainframes Slow Vision
  4. 4. What is Hindering Banks from going Digital? Multichannel Cloud Consumer Preferences Block Chain Fintech Speed
  5. 5. APIs are key to Competitive Dynamics But there are some specifics traits and adoption patterns unique to banks
  6. 6. APIs Adoptors in Banking
  7. 7. Adoption Patterns for Banks
  8. 8. 1. Unlock Data
  9. 9. Data Services Packaged Apps Mainframes Break Data Silos Create Customer Centric Views Expose as APIs Unlock Data from Legacy Applications
  10. 10. 1. Unlock Data 2. Share APIs
  11. 11. Learn to Walk, Before you Run Learn to share Internally
  12. 12. APIs Foster Internal Innovation and Efficiency • Securely publish, share and use common services • Improve discoverability of internal services • Create internal communities to foster innovation
  13. 13. Internal API Catalogs • 100’s and 1000’s of APIs unlike a few external APIs • Searchable • Policy Based View • Internal Hackathons
  14. 14. 1. Unlock Data 2. Share APIs 3. Security
  15. 15. Realizing End-to-End Security Managing the User Experience Securing the App - PII, PHI Enabling Easy Developer Access Securing the Channel Securing the Backend
  16. 16. Major API Security Concerns
  17. 17. API Consumer Security?
  18. 18. Relevance to PCI Compliance • APIs are now part of e-commerce • Card payments pass through API • The infrastructure underlying the API?
  19. 19. 1. Unlock Data 2. Share APIs 3. Security 4. External APIs
  20. 20. Open APIs or Private APIs?
  21. 21.  90% Private/Partner APIs  Customized Contracts/SLA  App Provisioning/Security  API Federation Why Private APIs?
  22. 22. 1. Unlock Data 2. Share APIs 3. Security 4. External APIs 5. Step Away from Monolithic Apps
  23. 23. Monolithic vs Microservices • Unscalable • Hard to manage • Hard to learn • Slow to deploy • Scalable • Easier to manage • Easier to learn • Quick to deploy
  24. 24. Why should Banks care? • Benefits – Improved agility – Better reliability, elasticity – Global scalability • Challenges – Restructuring the IT organization – Agile, DevOps – Investments in new frameworks & platforms – Greenfield vs. Re-architecting – New skills development • Design • Development • Testing
  25. 25. Re-Architecting an Application Monolithic Application Monolithic Application
  26. 26. Re-Architecting an Application
  27. 27. Re-Architecting an Application
  28. 28. Key Aspects of Digital Banking • Create Digital eco-systems with APIs • Integrate data and applications to create a digital value chain • Secure your digital interactions • Create a scalable hybrid microservices infrastructure
  29. 29. Questions @sachinagarwal @akanainc

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