BBVA API Market
Open banking, APIs and Banking as a Service are increasingly common concepts in the financial world, partly due to the promotion of the new PSD2 European directive that establishes new rules of the game in which financial institutions must open their data to third parties so that the customer benefits from greater competition and better services.
BBVA has been working for a long time to lead open banking. Ricardo Segoviano, Head of BBVA API_Market, explained that long-term commitment recently at Open Expo, which is a conference for professionals of free software and open technologies that was held at the beginning of June in Madrid.
Segoviano explained that BBVA has been launching various initiatives since 2013 to innovate and adapt to the environment that it has been forming. But probably the most important step has been the creation of its Open APIs platform, launched commercially in May 2017.
That commitment to open banking had a lot of work behind it. “In the pilot phase, we invited around 200 companies to try use cases and solutions. We wanted to experiment and learn, and several lessons were learnt from the experience,” explained Segoviano.
Segoviano summarizes everything learned in these years of work in six conclusions.
While the market consolidates and grows, BBVA already has a leading position in Open APIs, with 10 solutions inBBVA_API_Market. Segoviano considered the PayStats case of use in particular, which offers retailers detailed information on consumption patterns by retail areas, with which they can, for example, optimize their advertising campaigns and choose the best location, with data, for their stores.
They are examples of economic transformations that are already here thanks to APIs, but Segoviano closed his talk with an overview of open banking. “All this is here to stay, and banks should opt for collaboration models. We have to change our way of thinking and create opportunities for our customers.”
An API is a very useful mechanism that connects two pieces of software equipment to exchange messages or data in a standard format such as XML or JSON. Thus, it becomes an instrument that can be used to search for revenue, open the doors to talent or innovate and automate processes.
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