- April 9, 2020
- Posted by: Admin
- Category: Technology
APIs or application program interface is the key factors that help one scale the business digitally. It is the key factor that is playing a vital role in the key disruption. The application program has taken the business to the next level and present giants in the digital area owe a lot to APIs. Just because APIs helped them in scaling their business and generating huge revenue, they are meant to be here for a reason. The idea behind the formulation of API is to solve a business problem that too in the most appreciable way. APIs offer huge potential for industries to flourish.
More on Application Program Interface
In a nutshell, we can say that the purpose of the application program interface is to carry out effective communication between mobile applications to perform a special task or operation. API s bridges the gap between developers and enterprises. In a tech-savvy world, where competition is at a pace more than even light, businesses need to foresee the same. It is in this scenario that APIs play a major role.
Application programming interface in the banking and financial sector
The banking industry is one of the most sensitive industries in the world as it deals with finance and funds. It has to be dealt with with utmost care and attention. The introduction of technology has added more transparency and value to the banking industry. Among the application of technology in banking, API is the primary one. The integration of APIs has transformed the banking domain as a whole. The purpose of this article is to make the readers understand the aspects of APIs and how it will impact the banking industry. API also helps companies in enhancing customer relationships as well. Banking APIs let third parties have safe and secure access to core banking data, diminishing all the barriers that existed in the banking and financial industry. With the coming of the application programming interface.
The results of having an application programming interface in the banking and financial sector are seamless ways of operations, enhanced technology, and uninterrupted customer services, where customers are taken through hassle-free ways of experience. The application of APIs in the banking sector is to allow third-party companies in accessing the allowable data thereby enhancing the scope of customer services and innovation. The introduction of APIs in the financial sector is a boon and has taken the banking and financial sector to far more distance making it productive and innovative.
Types of Application Program Interface
· Internal banking APIs
The purpose of an internal application programming interface is to carry out internal things and operations of the bank. Only the in-house developers will have access to the APIs.
· Private banking APIs
Private banking APIs are shared among internal partners and associates. This helps banks in having alliances between various other businesses, b2b, etc.
· External banking APIs
Public banking APIs are available for new businesses and adoptions. It deals with the matter of public affairs and stuff like that. It enables the sharing of data with a wide set of users with an entire control over the data.
Application of application program interface in the financial and banking sector
· Accounts and deposit APIs
Account and deposit APIs deal with anything and everything involved in the specified domain of the banking industry like account creation, account details, various other concerns and inquiries regarding account opening, cash deposits, and various other aspects related to the same. This helps banks in meeting their monthly target of account creation by offering a seamless experience to the customers.
· Payment Gateways
In this tech-savvy world, people are depending more on activities like online purchases, and other trading they do online and of course, in the end, they need to make payment for consumer goods. In an event like that customer chooses his banking system either online payment or debit/credit card. Payment APIs let customers in having hassle-free ways of payments that are highly safe and secure. Several online payment applications like google pay, Paytm, and phonepe are making use of this payment gateway API which was beneficial for both enterprises and banks. This helps banks in delivering hassle-free services to their clients and led to the rising ecosystem of a nation.
· Loans and cards
APIS has brought more transparency in the field of the financial sector through the best use of it. It has made the customer’s journey easier in availing loans and credit cards. Anything and everything related to the same was solved in a matter of seconds and it was made possible with the help of the application program interface, which would be a huge and tedious task otherwise.
Open Banking using APIs
Open banking is a new system that has been introduced in the banking sector. It is made used with the help of an application program interface. The open banking system is a highly secure and efficient model that accesses the financial information of the customers with the help of application program interfaces and based on the information provided, users are provided with more offers and ways to make hassle-free ways of payments. As the banks access your financial data, the data sharing lies completely under your control and you can decide on what to share and what not to.
DxMinds Innovation Labs- The best banking API development company
Developing the banking sector APIs requires huge expertise and proficiency. As the banking sector required a highly secure application program interface, a minute mistake in the programming can cause huge loss to the bank and it can affect the customer relationship and branding. DxMinds, the leading digital transformation company helps banking and financial institution in developing a top-notch application program interface leveraging top trends in technology.
Why DxMinds for developing top-notch APIs for banking and financial sectors
- Best digital transformation company in the world
- Most talented heads in the industry
- Cutting edge technologies
- Innovative solutions and products
- Agile model of development
- Scalable and reliable mobile applications
- 24×7 customer support
- Proper app maintenance
If you are a banking institution or a financial firm looking forward to developing an innovative mobile application for your business, hire DxMinds Innovation Labs. Contact us for more details: Email: info@dxminds.com