The inclusion of APIs (Application Programming Interface) offers the opportunity to create extensible and flexible platforms that generate an ecosystem of innovation and business creation around the company's services.
Thus allowing to integrate the systems of a company regardless of its language and share them safely to be used by third-party web or mobile applications, without necessarily having to know the details of the internal implementation.
As part of this strategy, FinTechs offer extensive experience in the use of APIs, which are a set of computer functions and protocols that facilitate the connection of technological applications to native systems.
This technology makes it easier for software programmers to exchange data in a standardized way in a more efficient and faster way, by allowing access to centralized information generating benefits for the user experience.
APIs allow obtaining information from other companies but without the cost of developing extremely heavy information structures.
Similarly, it allows developers to be able to create better applications that integrate data from other programs, improving the service received by the user.
For banks, this translates into greater commercial openness by further facilitating alliances with FinTech, allowing the launch of products that integrate their financial services for the use of users who belong to other banks, thus reinforcing the fact that the data belongs to them to the client.
This opens the doors for financial institutions to transform themselves into more digitized institutions and connected with the needs of their clients.
Recently, Banco Azteca announced its incorporation into open banking with the integration of seven APIs, including the opening of N2 accounts, checking balances, checking movements, payment orders, mobile payments, purchasing gift cards, time recharging. air that can be consulted by third parties.
However, APIs are so versatile that they can be used to meet the needs of e-commerce, online payments, and user authentication.
Also, by adopting an API strategy, your company can improve flexibility and responsiveness while providing developers with tools to create more innovative applications that represent your company's brand.
Also, it allows a greater promotion of the services offered by the company to a greater number of people, generating new business channels.
On the other hand, even when hiring the services of a technology partner, using APIs offers savings in time and cost of integrations, creating a more open and collaborative relationship.
Making APIs an essential engine in the digital transformation of a company since it is used internally to improve its technology platform as well as publicly to allow others to have access to the information contained in them.
Similarly, the e-commerce sector has benefited from obtaining more robust, scalable platforms with more services.
The ease offered by APIs to obtain data from third parties in a faster and above all accessible way translates into a change in the business model focused on strategic digitization.
However, for an API strategy to be coherent and above all effective, it must be clear about a series of parameters such as cost per consumption of my APIs, who can have access to it, and what use will be allowed for said information.
Besides, APIs are an innovative, unique, and advanced way to position yourself in the digital market with a notable increase in income and financial development, with new business models that will allow you to expand your ecosystem of products and services.
Investing in APIs will allow your company to improve the user experience and the ease of obtaining information.
For this, it is recommended to have a strategic partner with experience in the implementation of this type of service, whether open or closed APIs.
Antit as a FinTech developer company will allow you to improve your management capacity, transforming your platforms into simpler and above all efficient ones for the user, forging valuable and competitive products in the financial industry.