Open Banking API Portals: Five Best Practices to Increase Developer Engagement
A developer portal is more than a repository for API documentation.
Celent has been tracking open banking API developer portals since early 2017 and has watched first-hand how some portals have evolved and matured, while others stayed stagnant, merely meeting regulatory minimums. Celent has been steadily building and growing its analysis of bank API portals around the globe, both from a quantitative and qualitative perspective. Celent has enrolled in almost 60 bank developer portals, logging and categorizing approximately 1,000 individual APIs.
The most robust developer portals offer broad functional scope, intuitive getting started guides, exhaustive documentation, comprehensive testing sandbox, well-defined production process, and multiple support options. But a robust portal isn’t enough to keep developers engaged. APIs should be treated as bank products and developers treated as customers.
Looking at both quantitative and qualitative perspectives, Celent’s developer portal analysis reveals five best practices that contribute to increasing developer engagement, but also that no bank is perfect…yet.
Open API-enabled value-added services, created by banks and their partners, are already combatting disruption from new entrants while generating measurable results. These providers have broken down the barriers to adopting APIs, embracing new business models and robust developer portals to deliver innovative products and services.
Celent expects leading innovators to continue to work closely with their customers and technology partners, co-creating new and enhanced customer propositions. Don’t be left out – get started today.