OCBC,Singapore & NAB, Australia – Bank as a Service (an API Journey): Bank 3.0

OCBC,Singapore & NAB, Australia – Bank as a Service (an API Journey): Bank 3.0

  • Posted by mollatechadmin
  • On June 14, 2017


There is a big hype of FINTECH/ INSURTECH companies working to disrupt banking, insurance and financial domains. Regulators are trying to find the right policies to enforces, any 25 year old is coming up with his/her way he can break the century old banking customers. Banks are also wondering what should we do.



Most of them are going to the BIG 4 consultant companies to ask “What the HELL should we do?”. The BIG 4 are tell them loads of work that Banks are suppose to do costing them MILLIONS of $$$.

FINTECH startups are wondering how I should get my funding of MILLIONS to become the next UBER for Banking Or Insurance Or Trading etc etc…please remember they do not know how banking really works… ????



Some extracts to share with you ….



Above is how a bank should look like with all the cool stuff happening around their DATA/Customers. Loads of amazing stuff that can be enabled for making the costs go down, eliminated fraud, increase automation, remove human greed and error, become more future ready.

2017 is coming in with cool trends where collaboration between FINTECH and BFSI companies. More importantly there will be many existing suppliers to these banks that will be offering competitive solutions (vs FINTECH). I would like you to look at item 4 (which i feel should have been more than 32% for simple reason is that without APIs you cannot collaboration with outside parties).



Some comments from the market experts




Banks have to look at opening up their resources to their partners, customers and fintech companies. Below is a well defined models that banks can look at.



Above, you will see that as a bank or fintech company or existing payment gateway can become much bigger if they are opening up their APIs to the world.

Why am I sharing all this?

Simple reason – Banks need to think “Bank as Service” / Bank 3.0 to make more revenue and this can only be done by having a plug and play API platform. I am not talking APIGEE, MuleSoft OR Tibco OR Oracle Service Bus.. they are not “Bank as Service” ready platforms (they are old trucks that will not get the job done).

What you as bank or insurance company need is: API platform that is ready for a you which you can plug & play and actually make money from your DATA and collaborations.

OCBC,Singapore and NAB, Australia have started with API platform for the partners and fintech but it is very basic. I think google does a better job with showing their ATMs and Branches than their APIs. Banks need to open up and give solid valuable APIs to their partners.

Think of below services that a bank gives to you as a partner. Now we are talking real problem solving and revenue generating services

  1.  Branch/ATM
  2. Forex
  3. Credit Card Advisor
  4. Loan Calculator
  5. Dynamic Cashback Calculator
  6. Spending Pattern
  7. User account profile
  8. User validation and authentication
  9. De-identified Archived Transactions
  10. E-Wallet profile
  11. Peer to Peer Payment
  12. Merchant Payment
  13. Intelligent Send Message
  14. Payment Risk Analytics
  15. Promotions and Offerings
  16. Account Blocking Facility
  17. Certified Documents/Certificates Facility

This is what will make sense for Bank OR insurance company to offer as their Bank 3.0 APIS. This is what we have made available with our Service Guard Platform where “Bank as a Service” API services are available “off the shelf” with complete token/certificate security, visibility, transformation, billing, analytics, API monitoring, throttling, settlement, sandbox, partner portal, API documentation, versioning, dual level control, pre+post billing, big data connector, RDMS data connector, SOAP/WADL/ISO8583/HTTPPost etc etc connector, ticketing system, monitoring, end to end data security, Apple/Google Push notification connector etc all coming in from single platform.

“Bank as Service” is about making more revenue from your existing services by APIfication.

Welcoming 2017 with Bank 3.0 to become reality. Please do share your thoughts…

Note- I acknowledge and confirm – BANK 3.0 is a trademark of Brett King, and is copyright Marshall Cavendish/Brett King 2012. All other images and contents are pulled from internet. I do not claim they are mine my any means. I fully acknowledge the rightful ownership of the respective contents. This article is written in personal capacity. What part you feel is not appropriate them please let me know. I will remove that happily.