The Challenge
A leading global bank aimed to explore growth opportunities in cross-border transactions through API banking in India. The objective was to identify easily achievable use cases that would allow the bank to quickly enter the forex APIs market and effectively address existing customer pain points.
Our Solution
Comprehensive Benchmarking
Comparative macro & micro view of different Digital Personal Loan Journeys, with clearly laid out feature-wise strengths and areas for improvement.
Strategic Recommendations
Suggestions across domains and features for implementation, along with the impact on engagement, experience, revenue and TAT.
Innovative Approach
Building strategic recommendations unique in nature for the Industry, identifying innovative opportunities for enhanced digital engagement.
Our Approach
- Phase 1 - Understanding & Primary Research
- Current Understanding of the DBS Bank Forex API and related Products & Services
- In-depth market study to identify opportunities for integration of the Forex APIs
- Perform benchmarking assessments within the context of DBS API for all previously identified use cases.
- Phase 2 - Use Cases Building
- Build India's Cross Border Transaction Ecosystem
- Identify the Use Cases by highlighting potential partnership opportunities.
- Understand the Regulatory requirement partnership model with the AD - I Bank
- Presented the recommendation document outlining a roadmap for API-enabled FX and cross-border use cases
Accomplishment
Successfully completed 13 use cases for Indian cross-border transactions. Among them, 6 were low-hanging fruit that DBS could cater to in the future, 4 were potential use cases to address in the longer future (as it is expected to grow), and 3 presented challenges due to regulatory factors. Additionally, the current state of Indian bank Forex APIs was thoroughly examined.
