23 July 2018
Our good friends at Credit Kudos have published a performance dashboard which tracks API performance across a number of ASPSPs. A performance report was previously published by OpenWrks. The difference here is that this dashboard pulls in data in real-time from Credit Kudos’ production integrations. Data is aggregated over the past 3 months and averages are calculated. We clearly see that the performance anti-champion is the same across both reports (HSBC).
Performance characteristics of these API endpoints have a direct impact on the user experience when using applications built on top of the OB ecosystem. Google claims that a 1 second delay in a mobile application can reduce conversions by up to 20%. This has measurable impact on conversions, and on consequently - on revenue.
One must ask - but how does this compare to what is already out there? Banks have had APIs for a number of years now, but not ones that would be directly user-facing. To perform an unscientific test, simply open your mobile app and see how long it takes to pull your transaction history. I’ll save you the trouble and say this - it is much faster. How is it possible that banks can roll out performant APIs with uptime guarantees for their own purposes, but when directed to do so by a regulator they state that they face numerous challenges and some deliverables cannot be completed?
The performance dashboard is available at http://creditkudos.com/obstats.