APIs aren't new; they were initially created to handle a series of specific tasks. But they've evolved in exciting ways, going from using commands to interface with the code to using APIs. They enable an architecture that uses containerized applications built as a collection of loosely coupled objects that interact with each other to create the application—and they can also be easily re-used for extensions or in other applications. Their versatility makes innovation simple—they can work on cloud-based systems, computer hardware, operating and database systems alike.
Developers can build, connect and integrate applications quickly and at scale to extend the reach of the bank's financial ecosystem. This means it’s easier, faster and cheaper to build new applications or reuse chunks of code for other applications since the building blocks are already in place.
What’s more, APIs can interact and communicate with existing systems. This makes it simple to quickly integrate new services, applications or niche offers to deliver the promise of digital-first without the need for a huge capital outlay to develop a specific in-house application.
This increased agility evolves the traditional banking model. APIs can extend beyond banking barriers and FIs don’t have to build out new services, products or experiences themselves—fintechs can help. By creating more partnerships with fintechs or niche providers, FIs can deliver more services and retain satisfied and profitable customers. The more partnerships you add, the more experiences you can offer.
APIs hold the key to making digital transformation simple, fast and affordable. And using a containerized approach with Kubernetes combined with a continuous integration approach means FIs can quickly and easily deploy these new offers across their business.