Faced with the Rapid Evolution of Tunisia's Banking Landscape, Institutions Seek Innovative Solutions
In the face of the rapid evolution of Tunisia's banking landscape, financial institutions are striving to find innovative solutions to differentiate themselves and meet the growing expectations of their customers. In this context, a morning of exchanges took place on May 21, organized by Infinity Management Group in partnership with Axway, a recognized global leader in API management according to the "2023 Gartner Magic Quadrant for API Management". The adoption of an API-First strategy, centered on the development of applications and services based on application programming interfaces (APIs), is emerging as a promising approach for the future of Tunisia's banking sector.
The main objective of this event was to present the numerous benefits that an API-First approach can offer to Tunisian banks. By enabling the opening of banking systems and the co-creation of new digital experiences with external partners, this approach fosters innovation and collaboration, as highlighted by Bassem Ktita, sales specialist. Supported by the Tunisian central bank, the API-First initiative is already generating significant interest among several local banks, with international partnerships being developed, notably in France, Saudi Arabia, and Latin America.
At the heart of the API-First strategy lies the creation of an "API-First culture" within banks, involving the adoption of an API-centric approach for all developments and interactions. This approach promotes the use of APIs as a common language, facilitating collaboration and innovation.
A key concept of the API-First approach is the API as a product. This involves grouping specific technical APIs to create complete products or services, such as an instant credit product combining APIs for credit checking, risk assessment, and loan approval.
The potential benefits for Tunisian banks that adopt an API-First strategy are numerous, including:
- Improved customer experience: APIs enable the creation of more personalized and fluid applications and services.
- Increased efficiency and profitability: Standardizing interactions between applications and internal systems reduces development and maintenance costs.
- Stimulation of innovation: Opening up banking systems fosters collaboration with external partners to create innovative products and services.
- Enhanced competitiveness: API-First can become a key differentiator in an increasingly competitive banking market.
However, adopting an API-First strategy requires a significant commitment from banks, both technologically and culturally. They must invest in training and developing their teams, as well as adopting an open and collaborative approach to working with external partners.
Despite these challenges, the potential benefits of API-First are considerable and could help Tunisian banks thrive in a rapidly evolving digital economy. This approach could well become the driving force behind the transformation of Tunisia's banking sector in the years to come.
