Application programming interfaces (APIs) used to be limited primarily to technical domains, however they recently have become a major driver for business growth. By allowing to create data streams within and across organisations, APIs enable businesses to turn their data into a monetizable business asset, share data efficiently, distribute products via third parties, enter new partnerships and even to build whole new business ecosystems. Thus, APIs have become a significant driver of innovation and growth.
As banks have been ordered by regulators to open up their data, the large majority of banks followed a regulatory-led approach to open finance. However, an innovation- and business-led approach could help in understanding and utilising APIs as a business asset and driver of transformation, which we have outlined in one of our previous posts. A benchmark in how to follow a business-led approach to APIs is one of the leading banks in Germany, Commerzbank, which has successfully launched and operated its own API platform over the last years. Hence, we sat down with Daniel Lê, the former Head of API strategy at Commerzbank, to discuss the reasons for launching an API platform, the journey to get there and the obstacles along the way.
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