APIs are the New Nor­mal

Banking Frontiers - - Contents -

Asit Oberoi, group pres­i­dent and global head, Trans­ac­tion Bank­ing Group at YES Bank, and Sourabh Chat­ter­jee, head – Dig­i­tal & Tech­nol­ogy at Ba­jaj Al­lianz Gen­eral In­sur­ance, share in­sights about the use and im­pli­ca­tions of API land­scape in the BFSI sec­tor

Dr Ravi Lal­wani: What kinds of com­pa­nies are you seek­ing to part­ner with through APIs?

Asit Oberoi: We are us­ing API bank­ing for pay­ments and col­lec­tions for cor­po­rates across in­dus­tries like eCom­merce, man­u­fac­tur­ing, FMCGs, NBFCs, lo­gis­tics, ed­u­ca­tion, tele­com, etc. We also use APIs for ap­pli­ca­tions rang­ing from re­fund pay­ments, loan dis­burse­ment, ven­dor pay­ments, com­mis­sion pay-outs, fees col­lec­tion and dealer col­lec­tions.

We part­ner with cor­po­rates as well as prom­i­nent ap­pli­ca­tion ser­vice providers spe­cial­iz­ing in the re­spec­tive ar­eas to tap the var­ied in­dus­try sec­tors. We seek to part­ner with clients where we can jointly en­hance the end client user ex­pe­ri­ence. Ad­di­tion­ally, we have also part­nered with fin­tech star­tups who are build­ing in­no­va­tive bank­ing so­lu­tions by us­ing YES Bank APIs.

Sourabh Chat­ter­jee: In­sur­ance in­dus­try is build­ing a more cus­tomer friendly ecosys­tem by lever­ag­ing tech­nol­ogy and au­to­ma­tion. APIs help in­crease ef­fi­ciency by pro­vid­ing seam­less and in­stant in­sur­ance so­lu­tions to cus­tomers. Our API in­te­gra­tion strat­egy is based around part­ners who of­fer value to the en­tire chain like pol­icy is­suance, dis­tri­bu­tion, claims, etc. We also have part­ners for an­cil­lary pro­cesses like Aad­haar. We ad­vo­cate API in­te­gra­tion heav­ily and have APIs in­te­grated with a va­ri­ety of part­ners like ag­gre­ga­tors, agents, bro­kers, banks, etc.

What kind of ap­pli­ca­tions and data are you ex­pos­ing through APIs?

Oberoi: YES Bank of­fers var­i­ous ap­pli­ca­tions and bank­ing ser­vices as a part of Bank­ing-as-a-Ser­vice (API Bank­ing) suite. We en­sure that cus­tomers’ con­ve­nience and needs are con­sid­ered while cus­tomiz­ing API bank­ing so­lu­tions. Our API bank­ing so­lu­tions in­clude in­stant re­funds for eCom­merce firms, in­stant gold loan pay­outs for NBFCs, in­stant driver com­mis­sion pay-outs for on­line cab ag­gre­ga­tors, in­stant for­eign in­wards re­mit­tances un­der Ru­pee Draw­ing Ar­range­ment and Money Trans­fer Ser­vice Scheme for money trans­fer op­er­a­tors.

Ser­vices like real time 24x7 pay­ments and col­lec­tions of funds, real-time ac­count bal­ances of the cor­po­rate, bank state­ments and mini state­ments for the day, give cor­po­rate clients the com­fort of bank­ing from their ERPs and save on day-to­day op­er­a­tional time and ex­pense. The cus­tomer need is of prime im­por­tance to us, and we have built cus­tomer cen­tric so­lu­tions for a su­pe­rior and con­sis­tent client ex­pe­ri­ence.

Chat­ter­jee: At Ba­jaj Al­lianz Gen­eral In­sur­ance, we want to stay ahead of the curve in terms of in­no­va­tion in the in­sur­ance in­dus­try. Cus­tomers need realtime so­lu­tions to their in­sur­ance needs and here is where API bridges the gap be­tween in­sur­ers and cus­tomers. Var­i­ous parts of the in­sur­ance value chain are ex­pos­able via API. Right from quo­ta­tions to claims and set­tle­ment, are all ex­posed as APIs.

Which ven­dors’ tech­nolo­gies are you us­ing to build the APIs?

Oberoi: We have part­nered with var­i­ous fin­techs, spe­cial­ized ap­pli­ca­tion ser­vice providers and niche tech­nol­ogy start-ups to build the API bank­ing ecosys­tem.

Chat­ter­jee: Ba­jaj Al­lianz Gen­eral In­sur­ance has an in-house team that builds APIs by us­ing the ad­vanced tech­nol­ogy adopted in the in­dus­try to­day. The dif­fer­en­tia­tor is at ar­chi­tec­tural level, since a lot de­pends on how the ser­vices are built for scale.

How many APIs have you ex­posed to the out­side world? How many more

will be added in 2018?

Oberoi: Cur­rently, we have com­mer­cial­ized APIs for cor­po­rates in cash man­age­ment ser­vices and sup­ply chain fi­nance. We are look­ing for­ward to build­ing APIs for se­lect prod­ucts on the trade fi­nance ar­eas as well. We have over 100 APIs which are be­ing used in­ter­nally and ex­ter­nally to bring

Asit Oberoi, group pres­i­dent and global head, Trans­ac­tion Bank­ing Group at YES Bank, and Sourabh Chat­ter­jee, head – Dig­i­tal & Tech­nol­ogy at Ba­jaj Al­lianz Gen­eral In­sur­ance, share in­sights about the use and im­pli­ca­tions of API land­scape in the BFSI sec­tor:

Asit Oberoi points out that the bank cus­tom­izes API so­lu­tions en­sur­ing cus­tomers’ con­ve­nience and their needs are taken care of

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