Nexright driving Banking innovation leveraging API Economy

api economy

The millennials will soon constitute up to half the global workforce by 2020 and it is only natural for public serving organizations like banks to pay heed to their concerns. Banking—according to a study by Viacom, a media network—faces the highest risk of disruption. Leaders of banking managements are often weighed down by the gravity of having to serve their customers, with mass transactions, at the same time, offering personalized content to their banking needs.

Unlike banks that are born digital, traditional banks cannot afford the luxury of starting with a clean slate, and they must build the newfangled architecture on top of the legacy foundation.

In an effort to ease down the process of transformation, Nexright bids a continuous-delivery approach of new functionalities.

“We have developed an API management solution for Banks that allows digital innovation running alongside the slow-speed, transaction-focused legacy systems,”.

Nexright’s solution provides for a digital customer ecosystem with digital customers—complementing and enhancing existing capabilities to collect analyze and utilize financial data.

Nexright allows CIOs of banks to redefine banking and drive innovation, leveraging digital data and API as core foundation. “Application Programming Interface (API) is the secret sauce of the digital economy that allows banks to open up banking services and data via APIs, and offer a broader range of products and services to their customers,”. Holding their steadfast campaigns towards unraveling the concept of contextual banking via data analytics, Nexright channels harmless, but prospective banking information to invoke potential banking businesses through secure pluggable interfaces—APIs. For instance, a mortgage API holds relevant mortgage data as assets and the points of interest and impact for banks.

Nexright’s banking product which is essentially a set of simplified service and API models allows Banks in core banking and digital banking transformation in parallel. Some of these solutions leverage banking industry standards like IBM IFW (Information FrameWork). Mohapatra cites an example of Nexright assisting one of Australia’s topmost banks in establishing an API centre of Excellence to fuel the API economy and drive digital disruption. Through IBM IFW, the provider created a modern platform based on open architecture with integration and straight-through-processing capabilities.

On top of that, Nexright also has a dedicated wealth management practise, providing Fintech (financial technology) strategy and solutions to the Banks.

For example, it includes client engagement platform and adviser support tools addressing cash-flow management, long-term financial support services, and scalable advisory solutions to simplify existing complex advisory process. “The Fintech strategy essentially allows banks to expand their existing Banking products into various fintech areas e.g. financial advisory services into robo-advisory,” states Mohapatra.

With a consulting team that comprises of both banking and technology domain experts, Nexright stays ahead of peers in the banking arena, by thrusting itself forward in the direction of business strategy and outcomes rather than just getting the technical infrastructure in place. By entrusting their success on their customer’s success, Mohapatra points out, “Nexright assigns a Customer Program Success Manager (CPSM), which once the program is live, assesses the customer’s achievement against expected levels.”

Nexright’s innovation lab functions as an idea incubator and accelerator, where there is a constant endeavor to develop newer products and better services and solutions, collaborating with customers, partners, and industry experts.

“Considering Banking & Fintech demand for API, Integration and Cloud services, Nexright is investing further in open banking and Fintech initiatives,”