Banks are forced to go digital for several reasons. Initially, the demand of their customers, as well as new customers, called generation Y. Secondly, the European legislation, more precisely the DSP2, obliges the banks to open their data to the external partners in order to create new innovative services. This is made possible through a system called API. Thus, traditional banks had to “APIze” their service.
This update of the computer systems did not happen quickly. Many banks are still under construction. In fact, according to a study by Tink, in September 2019, only 50% of the APIs of French banks were in production and only 6 banks tested their APIs conclusively for at least three months with TPP (Third Party Providers). Consequently, the legislator has granted banks additional time to make these APIs available.
However, this work allows banks to modernize their infrastructure and offer better services to their customers, in particular by digitizing the services offered and by creating new innovative services. Indeed, APIs have enabled the acceleration of collaborations between banks and fintechs.
The most common use case, within the framework of APIs, is account aggregators in order to be able to consult and manage your accounts from different banks via a single interface. However, with APIs, the creation of innovative services is almost limitless; in particular, by joining forces with fintechs specializing in this field.
For example, in the digitalization of the distribution of financial services, fintechs such as Particeep make it possible to offer online subscription to banking and insurance products (account opening, online credit granting, insurance) on the interfaces of the bank and on the websites of partner distributors.
How can a fintech banking API help propel your bank as a leader in innovative services?
Distribute banking products and services differently
Subscription to all your products can be digitalized
With a solution, such as Particeep Plug, based on a banking API, you can digitize the subscription process for all of your banking products and services: account opening, mortgage, consumer credit, etc., and even more if you offer insurance products.
Optimize your acquisition costs
Offer your customers individualized user journeys and collect their data online in order to offer them real-time products that match their profile.
Accessible web and mobile technology
Become a real digital bank by offering your services through innovative platforms.
Adapt your business model
Resize your distribution network with Particeep technology and operate a complete overhaul of your operational costs without impacting the existing technical architecture.
Increase the profitability of banking activity
Multiply business opportunities
With a strategy of distributing your products and services online or on mobile through a platform or an application, you lower your fixed costs and achieve more cross-selling since customers carry out more transactions on their mobile or on their computer.
Offer competitive prices
Offer a transparent offer to your customers and unbeatable prices due to the dematerialization of your distribution processes.
Streamline your IT investments
With the Particeep API, personalize your customer experience by adapting your processes. You can transfer part of the transactions directly to the client. You reduce your costs by at least 30%.
Digitize the banking relationship with customers
Always available customer support
With the dematerialization of the follow-up of your customers, they can be in contact and communicate with advisers at any time via secure web and mobile channels.
Deepen the knowledge of your customers
Have a perfect knowledge of the habits and behaviors of your customers through the information provided. Have relevant KYCs for your business.
Security at the heart of the dematerialization of the banking relationship
Offer secure interfaces for carrying out, monitoring transactions and communicating with advisers. Particeep offers several data security systems and is referenced as an essential service provider outsourced to the majority of French banks (Société Générale, Arkéa, Crédit Agricole, etc.)