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How do APIs transform global banking?

In Europe, Australia and now Brazil, regulations have forced banks to open APIs since 2019. Securely exposing services from internal IT is typically the entry door to the API economy, either to comply with a regulation, or to address a request from a partner. A second step most companies follow is to drive IT efficiency by accelerating re-use of assets -versus adhoc integrations- thanks to APIs. A third value of APIs is to delight your customers not only with an addictive mobile app, but also with services banks add on thanks to third party APIs. Fintech typically get directly to that level as exposing services via APIs, and building an API-first is natural to them, but also banks that embrace design-first journeys across the globe. Finally, banks start to become a platform, distributing third party services, and being distributed via APIs, very much like the Tech Giants, and the example of DBS in Singapore remains an example for that ultimate state.