Enterprise Innovation - 8/30/16
[Ed. Note: The following includes an interview with Stephen Miles, chief technology officer for Asia Pacific & Japan at CA Technologies. Subscription access; article included in full.]
The financial services industry is in a rapid state of flux. On the one hand incumbents are under extreme pressure with disruptors like Fintechs and Internet companies successfully taking market share of once profitable business. On the other hand, regulators continue to introduce new policies and legislations that some argue stifle incumbent’s ability to stave off the competition.
Recognizing that a new way of working must be achieved for both incumbents and Fintechs to survive, and thrive, regulators like the Monetary Authority of Singapore are paving the way for the effective use of application programming interfaces or APIs as a means to enable Fintechs and incumbents to work together using each other’s strengths to achieve a common goal – the provision of products and services that customers want.