API solutions for banking and financial services
The banking, financial services, and insurance (BFSI) sector is undergoing massive disruption driven by regulatory changes and competitive pressures from FinTech startups. BFSI companies are operating in a rapidly changing market. There are four pillars of these companies’ technology strategies, all of which are enabled by and require APIs:
Serving four of the top five US Banks, two of the five largest global insurance companies, and with a strong international presence in BFSI, the Akana banking, financial services, and insurance solution helps financial institutions implement APIs supporting their critical business strategy to engage customers and partners
Deliver new services
Attract and retain customers with innovative technology solutions providing services anywhere, anytime, and on any device. BFSI organizations can deploy new services such as payments across banking infrastructures, seamless international banking transactions, mobile wallets, omni-channel access to credit, as well as investment, quote, and claim services.
All of these services must be delivered via APIs to enable an omni-channel approach, and of course all of these APIs must be effectively managed and secured.
Leverage financial systems interoperability
Banking, financial services, and insurance companies are being forced to open up their systems to foster innovation leading to better services for customers. Some companies are able to leverage this emerging interoperability to drive competitive advantage, while others are simply responding to regulatory pressures. Akana’s standards-based, highly-secure platform enables safe and rapid connections between BFSI companies and customers. Interoperability initiatives in BFSI include:
The regulations mandate the use of APIs, and go so far as to require specific auditing and security capabilities for these APIs.
Data protection and security
As banking, financial services, and insurance companies become more open and interoperable, they must ensure that the right people have access to the right data and are able to perform the right tasks. They must eliminate vulnerabilities, and ensure that their systems are properly protected against attacks. Akana offers the industry's most secure solution:
Exposing financial data via APIs means paying particular attention to the security and monitoring of these APIs to protect against attacks and risk of data leakage.
Consolidate and modernize application portfolios, taking advantage of advances in architecture and development best practices to quickly deliver applications that can meet scale, distribution, and reliability requirements.
Modernizing applications with APIs requires careful planning and management of the lifecycle of the applications, APIs, and the development process as a whole to ensure optimal outcomes.
Expand and support a global customer base
Offer services globally, complying with regulations in multiple jurisdictions, and handle the scaling and distribution requirements of a fast growing global customer base.