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Michel Hanouch, Claudia McKay and Aiaze Mitha CGAP BACKGROUND DOCUMENT How to Engage Third Parties with Your Open APIs June 2020 CGAP 2020 2 Disclaimer This work was funded in whole or in part by CGAP. Unlike CGAPs official publications, it has not been peer-reviewed or edited by CGAP. Any conclusions or viewpoints expressed are those of the authors, and they may or may not reflect the views of CGAP staff. CGAP 2020 3 Introduction The abridged guide “Engaging Open API Third Parties Effectively,” can be found at: cgap/api-engagement Why? The digital financial services (DFS) industry continues to evolve. DFS providers are opening up APIs to third parties to stimulate innovation, create new revenue streams, lower costs, and support their broader digital transformation ambitions. The ability of third parties to engage with and leverage these APIs is a critical step for growing DFS ecosystems. However, opening up APIs is only a first step. The experiences of several DFS providers suggest that systematic engagement with third parties is crucial to drive awareness and ensure active use. DFS providers also need to balance efforts to achieve long-term objectives to expand their ecosystems with short-term efforts to increase traction on their platforms. What? This deck aims to drive awareness and use of APIs. It seeks to help DFS providers understand the differing needs of third parties across different segments, identify engagement activities that can address those needs, and start to think about an engagement strategy that is aligned with internal priorities and capacity. It will help DFS providers balance their short-term and long-term goals. CGAP commissioned Dalberg to do this work. Who? This deck targets operational teams that are looking for guidance, examples and nuance. CEOs, API product managers and API sales and community engagement leads within DFS providers that are looking for key takeaways should refer to CGAPs abridged guide, “How to Engage Third Parties with Your Open APIs” (2020). CGAPs work on open APIs CGAP is working to understand how open APIs can benefit DFS providers while advancing financial inclusion. Drawing on best practices in other industries and support provided to several DFS providers actively working to open APIs, we are developing a suite of resources to assist providers with creating and implementing a successful open API strategy. Our resources include compact guides, case studies, blogs and videos that address the what, why and how of open APIs for DFS providers. See our dedicated collection of API resources, and sign up for our API newsletter. CGAP 2020 Open APIs have the potential to generate revenue for the provider and accelerate innovation by third parties that benefits end customers. An engagement strategy determines how a DFS provider draws in third parties to use its open API platform Third parties could be businesses, start-ups, developers, students, non-profits, government agencies or any other institution that wishes to integrate with DFS providers APIs to improve the value proposition for its end beneficiaries or customers and/or increase efficiency. An engagement strategy is a portfolio of activities or initiatives that help DFS providers connect with third parties to help drive awareness and use of the open APIs. Access is offered through an API, supported by a portal that usually hosts documentation, helper libraries, etc. Selected organizational assets are opened by the DFS provider for use by outside developers who register for access. communications data payments distribution banking End customers benefit through existing financial and non-financial products and services being made more widely available, as well as through new products and services. 1 2 3 4 5 4 CGAP 2020 This deck is divided into four main sections. Readers new to this topic might choose to read the deck in its entirety, while those familiar with the range of engagement activities and initiatives available, might prefer to jump to the section on Selecting and executing a portfolio of engagement activities, and the case studies that follow. The deck includes examples throughout. 5 Guide to this document Slide 5 Third-party segments and needs This section dives into the different types of third parties DFS providers might target, the reasons for doing so, and their respective needs. Slide 15 Engagement activities/initiatives that fulfil needs This section outlines a full range of activities and initiatives that can be used across the engagement journey of third parties, from awareness to use and growth. It includes a number of examples from open API providers. Some engagement activities and initiatives are covered lightly, while others include deep dives on subsequent slides. The symbol on the left indicates that additional material has been provided on subsequent slides. Slide 46 Selecting and executing a portfolio of engagement activities This section helps DFS providers formulate an engagement strategy, including what segments to focus on, what activities to prioritise, what capabilities might be required and what KPIs to monitor. Slide 59 Case studies This section delves into the open API approach taken by Axiata, Safaricom, Stripe and WeBank. It includes their respective strategies, target segments and third-party engagement models. CGAP 2020 Third-party segments and needs Photo by: Arup Halder CGAP 2020 Collectively referred to as the long tail. 7 Third-party segments and needs “Third parties” can be defined as developers or businesses using open APIs for their products and services, and segmented into four types Note: Aggregatorsorganizations that offer a single platform through which other third parties can access APIs of multiple DFS providersare not considered to be a target segment. For the purpose of this deck, these are considered to be channels that third parties can use to integrate services from one or more DFS providers. *The value could be high because the business model simply could not exist without APIs or because the APIs let the third party benefit from association with the DFS provider (e.g., wider reach, greater trust, etc.). Standalone coders: Coders who are passionate about technology solutions and use APIs to build them. Early-stage innovators: Early-stage start- ups typically are prerevenue and have business models that are still unproven. Growth seekers: Established post- funding ventures that need to integrate with DFS providers for their core business. Enterprises: Established businesses that can become more efficient or increase revenue by integrating with DFS providers. Significance of open APIs: Value* and importance of the API to the organizations core business/operational model Scale of operations: The size of the operation and revenue of the organization Attractiveness of long-tail segments increases as the market matures and/or the DFS provider business increases. Mature DFS providers typically have integrated the larger organizationsgrowth may need to come from elsewhere. Further, mature providers have the headspace and budget to promote innovation that often comes from the long tail. Less mature DFS providers often focus on larger businesses to generate revenue and transactions in the short term. This typically has less impact on innovation and number of integrations. CGAP 2020 8 Third-party segments and needs Standalone coders Individual coders who are passionate about technology solutions and use APIs to build them (1/2) Note: While students may be represented in this group, this would apply only for those students who otherwise meet the criteria for the segment. Students using the platform only to learn about APIs, who would not have the expectation to build marketable solutions, are not represented here. Who they are Usually 1 2 coders passionate about tech solutions but may not have experience working with APIs from DFS providers. Often operate out of innovation hubs where they can leverage resources like internet and office space while interacting with other coders. Aspire to build a business to deliver their solutions, but typically lack business skills needed to build a viable business and in some cases require hand holding for operational tasks like registration, recruitment, tax filing etc. Why target them Acts as an entry point for DFS providers into the technology start-up ecosystem to partake in the innovation ecosystem. Coders are likely to influence organizations that want to open APIs, whether as freelancers, employees or advocates. Significant increase in number of coders innovating to solve local problems, particularly in developing countries. In terms of numbers of third parties, this segment is likely to be the largest in most markets. Whats in it for them Low cost and faster time to market by leveraging open APIs. Opportunity to develop new products and services by leveraging APIs, and potentially grow and scale them. Build their social capital by sharing their expertise within their community. Example: Kamya is a coder who was excited by the new open API developer portal that MTN released and used to experiment with the portal. He started developing training videos for his peers on the portal and as a hobby started to develop a product to manage finances for end customers. CGAP 2020 What they need Understanding of and familiarity with APIs. Coders can often be unaware of the open API developer portal; or may not know the full range of functions that APIs offer. Technical tools and support materials. Typically do not have resources to develop the full range of functionality, thus, seek tools and support materials that ease the process. Rewards for innovation. Value monetary and non-monetary rewards for conceptualizing new ideas. Robust sandbox. Tend to iterate their ideas swiftly as they try to improve their product into a version that can be launched. Affordability. Typically lack funds to help develop their products; therefore, need the API integration process to be affordable. Input from third parties “I did not know anything about APIs until after I graduated, our curriculum does not cover APIs.” “What has saved many developers is the tech support groups via Skype, Telegram and WhatsApp, where people even post video tutorials.” “Coders just want to code. Some of the complications involved in running a business catch us off guard. It would be helpful to have some guidance from someone who has gone before us.” “There are parts of the documentation that are so vague and unclear. And the funny thing is that even if you ask the provider about it, they also do not know what it means.” 9 Third-party segments and needs Standalone coders Individual coders who are passionate about technology solutions and use APIs to build them (2/2) Easy onboarding. Are usually unregistered and therefore do not have most of the documentation required for KYC and onboarding. May require a bespoke process with necessary limitations (i.e. tiered access). Support in business registration. Frequently arent aware of the process for registering the business or do not have the tools/resources to register. Registering as a business might be necessary for KYC, and is necessary for growing the business. Process simplicity and transparency. Are often on their own, meaning any misunderstanding around the process can disrupt any momentum gained. Transparency in the KYC process, pricing and other operational processes is key. Other ancillary needs. Beyond the core needs identified above, are also likely to benefit from access to performance data and analytics, effective support and prefer standardized documentation. CGAP 2020 Third-party segments and needs Early-stage innovators Early-stage start ups have unproven business models (1/2) Who are they Early-stage start-ups, typically with both some business and technical capabilities, that thrive on innovation; are creative and passionate but may not always be designing for scale. Business model shows promise, it is still being tweaked and refined. Can be pre-pilot, pre-revenue or even post-revenue but before starting to replicate/scale their business model. Why target them Potential disruptors of tomorrow because they tend to have the pulse of customer behavior and the latent needs of customers. They try to create solutions for end customers thereby accelerating innovation and creating an innovation/digital ecosystem. A small fraction will eventually grow large and bring in a sizeable number of transactions, thereby increasing revenue and customer activity for the DFS provider. They may also have potential to become competitors in future and supporting them may offer DFS providers opportunities to learn and adapt. Whats in it for them Low cost and faster time to market by leveraging open APIs. Opportunity to: Align with a reputable brand which could boost consumer confidence in their product offering; and Hack growth by leveraging the existing DFS customer base. Example: MamboPay is a payment gateway that allows parents to send money to their children on cards that can only be used at select outlets. It uses MTN Ugandas open APIs to accept payments from parents. 10 CGAP 2020 Third-party segments and needs Early-stage innovators Early-stage start ups have unproven business models (2/2) What they need Understanding of and familiarity with APIs. Many do not know the full range of functions that APIs offer that they can leverage as they try to develop, test, and iterate viable products. Rewards for innovation. Value monetary and non-monetary rewards for conceptualizing new ideas related to their core business proposition. Technical tools and support materials. Seek low turn-around time on integration of APIs in their core product offering and thus require technical tools and support materials. Robust Sandbox. Look for a tool to help iterate their ideas swiftly, as they try to improve their product into a version that can be profitable and scalable. Affordability. Typically are not well-funded and require a pricing model that meets their cash flow and business model requirements, and allows them to experiment and evolve without significant cost hurdles. Input from third parties Easy onboarding. Seek an onboarding process that is not onerous and one where requirements are proportional to the access and functionality that they seek. Business support. May need business acceleration support to create a viable business model around their product and to successfully grow e.g. marketing, leadership, accounting, and stakeholder management. Process simplicity and transparency. Often have very tight financial and personnel resources, meaning process roadblocks can disrupt any momentum gained. Transparency in the KYC process, pricing and other operational processes is key. Other ancillary needs. Beyond the core needs identified above, they also benefit from access to effective support, performance data and analytics, and standardized do
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