A recap of TFITS 2021, Part 1: API panel
Tokyo Financial Information & Technology Summit (TFITS) is the only event in Japan focused on the opportunities and challenges facing IT, data, and operations executives from financial institutions.
TFITS is a one-day conference hosted by WatersTechnology and sponsored by four solution providers across APAC, with 25 speakers and 250+ delegates. The 2021 summit was held on October 27 and featured an agenda packed with practical insights including the following questions:
- Futurist Outlook―Building a Successful API-powered Digital Ecosystem
- A Spotlight on Cyber: Priorities, Cost, and Business Decisions
- Optimizing Data Architecture to Unleash the Power of AI
- Deep Dive into the Trading Desk―From Pre- to Post-trade: Scalable Structure, Data Validation, and Efficient Reporting
- Transforming Anti-money Laundering Operations: Automation, Efficiency, and Compliance
- ESG Data: Road Bumps, Standards, and Development from Japan to APAC
I had the privilege of moderating a main stage strategic panel discussion titled “Futurist Outlook―Building a Successful API-powered Digital Ecosystem.”
Our esteemed panelists:
- Keizo Asano, Head of Technology Japan, Fidelity International
- Koichi Fukunaga, Director, Group Individual Business Planning Division, Shinsei Bank, Limited
- Koichi Shirasaki, Head of Digital Practice, Capgemini Japan
In this keynote session, we welcomed three API business leaders active in the Tokyo market to discuss the possibilities, initiatives, and challenges of technological innovation and growth strategies in Japanese financial institutions, especially concerning new digital ecosystem initiatives using APIs as a driver.
Panel topics included the following questions:
- Exposing APIs: What are your core business assets and data sets?
- Connect with APIs: Have your APIs extended financial services?
- APIs and Operational Models: How do you design operational and IT models to ensure security, agility, cost efficiency, and accessibility?
At the beginning of the panel, Celent gave a short keynote on global trends in APIs and digital ecosystems.
Moderator Keynote: "APIs Increase the Value of Digital Ecosystems"
- Using APIs to Drive Business Value
- Using APIs to Connect Business Value
- Best Practices for Improving Developer Engagement
- Realizing the Business Value and Monetizing It
- Modernizing Technology for the Digital Ecosystem
APIs are the cornerstone of the evolving financial digital ecosystem, bringing new delivery channels and new types of products targeting a new customer base of developers. Monetizing the API economy can be a new revenue stream, but only if banks' APIs are adopted and used by other organizations and developers. Open APIs can be a new source of revenue; they must be commercialized and marketed in the same way as other traditional banking products. In short, there is little business value in creating an API library unless it can be easily accessed via a developer portal.
Hundreds of banks have already launched developer portals for their open banking APIs. Some banks are doing so to comply with regulatory mandates (e.g., Open Banking regime in the UK, European Payment Services Directive (PSD2), etc.), while others are taking a market-driven approach to maximize the business value derived from APIs.