For banks' 88%, internal APIs are essential for regulation and compliance, management of backoffice and to take advantage of trends in big data. This is one of the results found in the study Banking APIs: The State of the Market carried out by axway, company in data flow governance, and the APIdays, a global institution focused on using APIs for IT and business automation. The report presents the results of a first-of-its-kind study into the API-focused technologies that leading banks and financial services organizations are using to adapt to the digital economy.
Continuing with the survey, the majority of respondents believe in an open platform future for banks, where 60% of the APIs can be made available to partners and third-party service providers. As a result, finance organizations should consider API management initiatives to develop an effective digital strategy.
According to Marcelo Ramos, senior vice president and general manager of Axway for Latin America, the findings of the global survey also reflect the reality of Latin America. “The API phenomenon is forcing the financial market to rethink established business models. The survey shows that organizations increasingly see APIs as playing a key role in facilitating digital business by providing innovative, customer-focused services and products. This movement is also noticeable in Brazil, as banks and the main financial institutions are analyzing the possibilities of offering more interactive and digitized processes with technology – a wave of digitization through APIs that started in mid-2014”, adds Ramos.
Digital technologies like API management are transforming the financial industry market as they offer a set of tools and protocols to describe how one software program communicates with another. This definition has recently been expanded as new channels, processes and customer expectations have emerged to encompass not only the specifics of the API itself, but also collaborative network services..
Also according to the study, among the most common API projects in banks are payment and transaction history control. These strategies must be designed to meet traditional performance and regulatory requirements while opening and integrating your ecosystem with the ultimate goal of providing flexibility for empowered and digitally savvy customers.
“Organizations are increasingly looking to transform and embrace digital business to stay competitive, but they often lack a clear roadmap of the best approach to take,” says Bruno Cambounet, vice president of financial and insurance services at Axway. “The secret to success in this scenario is to guarantee, manage and control all aspects of the interactions they have with customers and their ecosystem of digital partners. And it all starts with a broad API management strategy”, concludes the executive. More about the study here: https://www.axway.com/en/gate/2141
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