AFTAs 2021: Best data management initiative—Northern Trust
OVERVIEW
Northern Trust’s clients need access to and management of their data due to the rise of big data, in-house data analytics tools, and client reporting applications.
The path to API connectivity includes manual provisioning with custom setup and testing, leading clients to wait for implementations requiring numerous resources and forcing them to work within providers’ schedules.
Access, process, and content all needed to be standardized in a secure client-facing presentation layer that can give clients self-service access to data.
THE SOLUTION
The API Store is a secure environment that allows client developers to choose what data they need, test applications, and move into production without the need for a large team and without adhering to a directed implementation schedule.
Once the client is ready to migrate to production, Northern Trust provides them the production URL, API Key, and Client Secret to verify their application.
“Today, technology can help clients better manage their processes and achieve a greater return, but efficient access to data is needed to optimize their results. Northern Trust used an agile approach to quickly address a growing client need for APIs. With the Northern Trust API store, we can provide clients the self-service function to get the data to fuel their tools and applications. Our growing library of APIs can support clients today, and into the future.”
Paul d’Ouville, head of asset servicing product, Northern Trust
WHAT’S TO COME
Northern Trust plans to continually enhance its library with further APIs, as well as the additions of client case studies to illustrate beneficial use cases and up-to-date news and media coverage of the burgeoning API tech field.
The API Store will be updated with personalized user metrics for enhanced monitoring and a developer-to-developer environment for collaborating on implementations.
WHY THEY WON
The self-service solution makes it much easier and faster to establish API connectivity. It was imagined and designed with guiding principles in mind for both business and technology as top principles, including strong governance, a consistent security model, and inclusivity of tools such as SwaggerHub, Alteryx and Layer 7 technologies.
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