what is it
This API strategy piece is the result of two projects - an initial exploration to see if the bank should, and could stand up an API business, and a second phase to explore where they should start.
the approach
Phase one combined expert interviews, secondary research and opportunity sizing with a detailed review of how the bank should go about such an endeavour. While they had the tech capabilities, running an API business was alien territory to them and they would need new skills, new structures and new business models to make a success of it.
The report was well received and many of its recommendations acted upon. The second phase involved getting into the details of where to start - what APIs would potential partners want to consume? How did the commercial model stack up? How should the bank prioritise where to start? I spoke to internal stakeholders with ideas for APIs and the CTOs and CEOs of API centric organisations to identify key themes we could organise around.
the results
The bank invested in redesigning its developer tools and portal, and prioritising key external APIs in its tech roadmap. A separate API business unit was set up with different skills and ways of working to help accelerate the pace of development. The biggest challenge the bank faces in capturing the API opportunity is the time it will take to see a return on investment.