Today, much of the innovation initiatives are driven internally but often lack adequate resources, programming skills, out-of-the-box ideation, or the economies of scale to innovate complex and cost-intensive projects with limited business impact.
Goals and Objectives
The goal is to reduce the cost and complexity of innovation by extending projects outside the organization and sourcing externally for best practices and the right talent. APIs can help to connect to the wider developer community for research to access and share data insights, customer insights, and third-party solutions.
Cloud, microservices, APIs, containers, and DevOps.
Use Case Summary
External innovation is one major benefit of a digital ecosystem as banks can focus on their core competencies and source innovation outside the organization and their traditional IT partners. This spans from using external developers for internal projects to sourcing external solutions provided by fintechs and other service providers.