API Implementation at a Bank

MindCraft successfully implemented a comprehensive API solution for a tier-2 bank serving over 1.4 million customers. With five major divisions—corporate and institutional banking, commercial banking, retail banking, agricultural and development banking, and financial markets—the bank sought to digitize its operations and offer innovative solutions to its customers. The implementation of APIs was identified as a critical step to modernize the bank’s services and enhance its ability to offer new solutions to customers via aggregators and trusted third parties.

MindCraft’s solution enabled the bank to handle up to 2,000 API connections per second, ensuring the platform could scale to meet future demand. This transformation allowed the bank to quickly roll out digital services in collaboration with both internal teams and trusted partners, positioning them as a more agile player in the competitive banking space.

Client

The client is a tier-2 bank with a customer base of over 1.4 million individuals. The bank operates across five major business divisions—corporate and institutional banking, commercial banking, retail banking, agricultural and development banking, and financial markets—offering a wide range of financial services to both individuals and businesses.

Challenges

The bank was undergoing a digital transformation to keep pace with the growing demand for online financial services and improve its service delivery. Key challenges included:

Scalability:The bank needed a solution that could handle high transaction volumes and scale as customer demands grew.
Innovation: The bank required a way to offer modern financial solutions, moving away from traditional methods of cash management and providing new avenues for customers to access services.
Integration with Third Parties: The bank wanted to integrate seamlessly with third-party aggregators and service providers to deliver a more comprehensive and flexible digital offering.
Speed of Delivery: The bank needed a solution that would allow it to quickly roll out digital services and adapt to the rapidly evolving financial ecosystem.

Scope

Solution

MindCraft implemented an API management solution that allowed the bank to open up its infrastructure and offer innovative financial solutions. The platform supported up to 2,000 API connections per second, enabling scalability as the business grew. A key component of the solution was the API Manager, which facilitated quick, secure deployment of digital solutions both directly from the bank and in collaboration with trusted partners.
This API-enabled approach allowed the bank to move away from traditional cash management systems, offering customers more efficient and flexible alternatives. Additionally, the solution empowered the bank to integrate easily with external e-commerce platforms and third-party providers, helping them meet the increasing demand for digital banking services.

Benefits

Scalability: The bank now has a platform that can efficiently scale to handle up to 2,000 API connections per second, ensuring it can meet increasing demand without performance degradation.

Reduced Operating Costs: By digitizing and streamlining its operations, the bank reduced its operating and technology costs, achieving substantial savings in the first three months post-implementation.

Faster Time to Market: The API solution enabled the bank to roll out new digital services faster, both in-house and with trusted third-party providers, increasing agility and competitiveness.

Improved Customer Experience: The bank was able to provide more efficient, seamless services to its customers, simplifying transactions and offering more flexible financial solutions.

Enhanced Flexibility: The ability to integrate with external aggregators and service providers allowed the bank to expand its service offerings and quickly adapt to new market opportunities.

Tools

IBM API Manager

IBM Integration Bus (IIB)

Conclusion

Our Success Stories

India

Canada

Singapore

Verticals

Banking & Financial Services

Insurance

Capital Markets

Pharmaceuticals

Recent Blogs

Recent Case Studies

Services

Digital Transformation

Cloud

Business Insights

Middleware

DevOps

Recent Blogs

Recent Case Studies

Solutions

Cross Border Remittance

PayConnect

New Business Workflow

ProClaims

Recent Blogs

Recent Case Studies

Digital Transformation

Business Insights

DevOps

Cloud

Middleware

Banks & Financial Services

Insurance

Capital Markets

Pharmaceuticals

Cross Border Remittance

PayConnect

New Business Workflow

ProClaims

API Implementation at a Bank

Client

Challenges

Scope

Solution

Benefits

Scalability: The bank now has a platform that can efficiently scale to handle up to 2,000 API connections per second, ensuring it can meet increasing demand without performance degradation.

Reduced Operating Costs: By digitizing and streamlining its operations, the bank reduced its operating and technology costs, achieving substantial savings in the first three months post-implementation.

Faster Time to Market: The API solution enabled the bank to roll out new digital services faster, both in-house and with trusted third-party providers, increasing agility and competitiveness.

Improved Customer Experience: The bank was able to provide more efficient, seamless services to its customers, simplifying transactions and offering more flexible financial solutions.

Enhanced Flexibility: The ability to integrate with external aggregators and service providers allowed the bank to expand its service offerings and quickly adapt to new market opportunities.

Tools

IBM API Manager

IBM Integration Bus (IIB)

Conclusion

Dive into our Case Studies from the pharmaceuticals industry for Inspiring Insights.

Case Study

UCD Implementation for a Leading Private Sector Bank

Case Study

Universal Datawarehouse Implementation

Case Study