In my last blog, I discussed how digital transformation has become the most important element of any business evolution. I explained how telcos offer a wide range of services that cater around its core business, which makes it a perfect example of a “Digital Lifestyle Provider.”

Now, let’s take the example of the government sector. Governments can also monetize APIs through different ways, which may not be just limited to utilities but sharing the information in a secured way like providing citizen information to banks and financial institutions, travel agencies, law enforcement agencies, visa verification agencies, etc. So, governments can not only offer citizen services through mobile apps but also can use the citizen data for other value added services by partnering with several private enterprises or government agencies.

Exposing Bank and Financial services APIs through a secured API Gateway

Figure: Example of Government as Lifestyle Providers

Now let’s take the example of banks. Micro insurance can be a good partnership opportunity between the banks and telcos. Mobile money is also a good example of such partnerships. In India, PayTM is a prominent brand and is a very popular digital wallet. Likewise, banks can also offer their own digital wallets as it is always easy for the users to operate within a known environment. Also, it is easy for the banks to link the bank accounts with the digital wallets. So, payment industry brings a huge opportunity and open APIs are the key means to implement this. Hospitality industry can tie-up with banks to offer customized holiday packages and this can be managed through APIs.

Exposing Bank and Financial services APIs through a secured API Gateway

Figure: Example of Government as Lifestyle Providers

So, you have to think about finding your core value provision, your core capabilities, mapping through IT systems built on APIs and making them open APIs. And when I say “Open API,” it means that any third party developer or organization or an individual can login to your developer portal, discover your APIs, subscribe to it and use them without any human intervention. Facebook, Twitter and Google are the trendsetters in the Open API world. Today, anyone can search and request for a trial developer key and build their own app. And, you need to pay them just at the time of going live. There are several models to do this. That’s the second part of the story; but, the concept of APIs is now following the self-service model and that’s the model you need to think of.

In my next blog, I will share a few more examples from energy management and manufacturing sectors and will discuss how APIs built on your IT backbone can open new revenue potential for you. Stay tuned!


About the Author

Karthik TS -Torry-HarrisKarthik TS - is the Head of the Centre of Excellence at Torry Harris. His responsibilities include spearheading organization-wide initiatives, and building solution accelerators and automation products such as the API-o-Blocks, for clients world-wide. Karthik focuses on the areas of API/SOA, Cloud Computing, Mobile and Digital Transformation.

Related Posts

Cloud computing trends in healthcare

Cloud applications and services are bringing the benefits of the cloud to the healthcare industry including scalability to serve variable workloads, accelerating the speed of innovation, access to the latest security and infrastructure technology and big data diagnostics and analytics.

Digitization of Healthcare: Addressing Privacy and Security Concerns

The digitalization of healthcare has raised concerns about data privacy and security. Read this blog to understand how to address these concerns and enable seamless data access.

What to Look for in an iPaaS Vendor - The Top Five Criteria

In 2008, a significant outage in its data center prevented Netflix from sending DVDs to its customers for three days which prompted the company to rethink its IT architecture.


Whitepaper - Migrating to a hybrid integration platform (HIP) makes your cloud journey easy
Digital transformations tend to focus on the desired high-level benefits such as greater efficiency and profitability, more operational and business agility, and better customer experience.
Whitepaper - Why Governance is the key to ROI in Digital Transformation
It turns out that a major common contributor of almost all transformation flops is poor governance. Digital transformation involves every aspect of an organization and everyone in it. Structured governance is essential to ensure that everyone takes the same approach to common goals, in a coordinated, timely way.
Whitepaper - 7 Steps to Successful RPA Implementation
Intelligent Automation is boosted by the growing demand to digitize and automate business processes at a time when the Covid-19 pandemic requires rapid workplace transformation.

Analyst Speak

THIS recognized as a notable vendor by Forrester in its 2024 report on the API Management Software Landscape.

(THIS) has been cited among notable vendors by Forrester Research in its report ‘The API Management Software Landscape, Q1 2024’. The report recognizes Torry Harris as a provider offering API management solutions with a geographic focus in the EMEA & APAC regions.

Forrester cites Torry Harris- Vendor analysis for application modernization and migration services

Forrester observes that the initial rush to “lift and shift” to the cloud has now been replaced by a focus on modernization and digital transformation. Cloud migration is the first step in a long journey to take advantage of the latest cloud-native technologies and services.

Torry Harris is a Strong Performer in The Forrester Wave™ for API management solutions

Torry Harris is a 'Strong Performer' in The Q3 2022 Forrester Wave™ for API Management Solutions. This report shows how each provider measures up and helps technology architecture and delivery (TAD) professionals select the right one for their needs.

Past Webinars

On-demand webinar
Empowering your SME customers for the new DIGITAL normal: role of APIs and Microservices in the current climate
SMEs in particular, hard hit by physical constraints, acutely need to be digitally connected and empowered towards identifying sales and service opportunities.
On-demand webinar
Microservices Governance: Best practices for CSPs
A well-thought-out governance approach can help offset the costs of implementing Microservices and deliver higher benefits from your investments.
On-demand webinar
Practical use-cases to monetise Open Banking APIs
In this webinar, Thomas Zink – IDC research director for European financial services talked about the revenue potential of API enabled use-cases and how to overcome barriers to adoption.