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Research Outline
Prepared for Neriyah O. | Delivered January 3, 2021
Open API in Fintech
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Goals
To better understand Open API in
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, specifically the market landscape, strategies for companies with open API, starting an open API, and use cases including
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Early Findings
API Defined
An
Application Programming Interface
(API) is a software interface that allows third-party applications to interact or talk with each other.
API in Fintech
An API in banking and fintech allow an app developed by a fintech company to communicate with a bank´s server and then use that information to provide financial services to customers. This could include "apps designed to help people create
budgets to
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, and from payment processing programs to block chain technology."
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use
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to process payments, for peer to peer programs, investment management, white labeling, and regulation.
Use cases for
open API
include:
Customer acquisitions;
Personalized offerings;
Internet of Things;
Cross industry
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;
Data Science;
Fraud and crime; and
Rewards and loyalty
Use cases have
three basic pillars
:
Deployment framework;
API governance; and
Value realization and monitoring post-deployment.
Open API
is considered one of the most significant trends in the fintech industry.
Summary
While there is a reasonable amount of data available in the public domain, a lot of it has been generated by software development companies meaning there is a slight bias to it. What this means is it takes some time to evaluate the information and ensure only relevant, unbiased information is considered.
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