As banking increasingly becomes a technology play, the usage of internal and external application programming interfaces (APIs) is surging. That’s why API management platforms are crucial for financial services providers to reach true digital leadership.
Legacy business models and operations of incumbent financial services providers are increasingly maladapted to fundamental shifts in the market environment. One specific trend is the ongoing transfer from a linear, industrial financial services value chain towards open platforms and embedded financial services. It will inevitably result in a far-reaching market shift that disintermediates the manufacturers and distributors of financial products. Consequently, the strategic moves of traditional financial institutions have increased exponentially. This opens up an unprecedented opportunity to re-design financial services for maximum scalability, efficiency and resilience.
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