A Hybrid API Approach To Enabling 3rd Party Financial RoboAdvisors

This is a demonstration of a hybrid API banking implementation to help support the operation a 3rd party financial RoboAdvisors in the retail banking sector. The goal with this demonstration is to help provide a narrative for why banks should be investing in their API infrastructure, including the next generation event-driven infrastructure, that helps augment operations, making things more automated and real-time.

Banking RoboAdvisor Aggregator
To help illustrate the importance of hybrid API technology, we wanted to highlight the potential for enabling next-generation applications that support retail banking customers. Demonstrating the importance of common banking APIs, but also the ability to stream, orchestrate, and respond to real-time events that occur each day across the financial sector. Showing how APIs and event-driven infrastructure investments can help power the next generation of financial applications, products, and services.

Tom Has Three Separate Banks Account With Three Different Banks
In our financial RoboAdvisor narrative, our primary character Tom has three separate bank accounts with three different banks, helping him manage different aspects of his personal financial world, and investments. He has found himself using three separate banks and accounts out of necessity over time, and doesn’t have much interest in changing.

Tom Pays And Manages His Mortgage Using The First Bank
Tom set up a bank account with a bank when he purchased his home 10 years ago, now he owns four rental properties, and uses this account to manage his investments, as well as the personal mortgage for his home.

Tom Receives His Salary Using The Second Bank
When Tom started a new job a few years back, he was encouraged to set up a bank account with the local credit union that his employer has a relationship with. He uses this account to manage income from his job, and much of his personal finances.

Tom Manages All His Investments Using The Third Bank
Toms third bank account is where he manages all of his financial investments, keeping them all organized in one bank that helps him easily keep an eye on what his investments are up to, and make changes as needed.

Tom Wants Visibility Across All Three Of His Banks
Tom is tired of having to log in to each of his banks to see what he needs. He wants a single place where he can see what is happening across all three banks, and make decisions in real-time regarding his personal, and investment financial worlds.

Tom Wants RoboAdvisor To Manage His Financial World
In addition to having visibility across all three banks, Tom wants to use a RoboAdvisor service to help him automate and manage his financial world. Helping him respond to events, make decisions, and take actions across all of his investments, and finances.

   1) If Toms First Bank Has APIs And Event-Driven Infrastructure – If Toms first bank where he manages his mortgage has APIs, and have made an investment in streaming, choreography, and other event-driven infrastructure, he has no problem authorizing RoboAdvisor to access everything about his real estate investments.
    2) If Toms Second Bank Has APIs And Event-Driven Infrastructure – If Toms second bank where he manages his salary has APIs, and have made an investment in streaming, choreography, and other event-driven infrastructure, he has no problem authorizing RoboAdvisor to access everything about his personal income.
3) If Toms Third Bank Has APIs And Event-Driven Infrastructure – If Toms third bank where he manages his financial investments has APIs, and have made an investment in streaming, and other event-driven infrastructure, he has no problem authorizing RoboAdvisor to access everything regarding his investment portfolio.
4) RoboAdvisor Can Choreograph Streams Across Three Banks – Because all three of Toms banks have APIs and have invested in webhooks, streaming, and other event-driven infrastructure, it means that 3rd party aggregators like RoboAdvisor can choreograph any activity that is available across all three banks, helping Tom respond to whats matter, and automate more of his work.
  5) RoboAdviser Can Aggregate Streams Across Three Banks For Tom – Since all three of Toms banks have APIs and have invested in webhooks, streaming, and other event-driven infrastructure, it means that 3rd party aggregators like RoboAdvisor can provide dashboards, mobile, and other applications that give them visibility across all of their bank accounts in a seamless way.

RoboAdvisor Has Secure Access To All Three Of Toms Bank Accounts
Since all three of Toms banks have APIs it means that he can authorize 3rd party aggregators to access his account information on his behalf, and securely put his information to work for him, allowing him to access data across all three banks via a single platform.

RoboAdvisor Can Safely And Efficiently Aggregating Across Three Banks
Because all three of Toms banks have APIs and have invested in webhooks, streaming, and other event-driven infrastructure, it means that 3rd party aggregators like RoboAdvisor can efficiently access Toms bank information, without putting a strain on the banks, or scraping their websites for what is needed.

RoboAdvsor Can Response To Real-Time Events Across Three Banks

Because all three of Toms banks have APIs and have invested in webhooks, streaming, and other event-driven infrastructure, it means that 3rd party aggregators like RoboAdvisor can respond to real-time events, and allow Tom to choreograph his financial presence across three banks.

Helping Tom Better Manage His Financial Portfolio
All of the access, aggregation, and automation banking APIs introduce into Toms world help him more easily see what is happening, make more informed decisions in real-time, and streamline the execution of what matters to him most. Helping him better manage is financial portfolio and achieve his personal financial goals. In our financial RoboAdvisor demonstration, our primary character Tom has three separate bank accounts with three different banks, helping him manage different aspects of his personal financial world, and investments.

Hybrid API Infrastructure Paying Off
This demonstration is designed to amplify the benefits of banks having simple web APIs for the resources they depend on to do business. It is also designed to show the importance of real-time, streaming, and event-driven orchestration across these valuable API resources, allowing for the pushing and pulling of critical data around the web, between 3rd party service providers, with the ability to choreograph exactly the types of experience consumers expect when it comes to doing business each day, and live their lives as they desire.

financial roboadvisors

**Original source: streamdata.io blog

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