APIs have become one of the trends for the digitization of Banking in this 2022.
More and more financial institutions around the world are adopting apification as a resource to improve customer experience. An API (Application Programming Interface) is an application used by computer programs to communicate and interact with each other.
APIs allow data to be exchanged securely between systems, giving banks the ability to develop applications that integrate quickly. With an API, financial institutions can profile their users to create customized services and reduce the time spent on transactions.
Joel Flores, operations manager at Pranical Technologies Latam, a company with more than 20 years of experience in the region developing technological solutions for the banking and finance sectors, among others, shares some of the benefits offered by APIs for the financial sector.
What is the reason for the boom in APIs?
Although APIs have been around in the market for some time, for the last few years they have been adopted as one of the main technologies to facilitate digital transformation and innovation. The accelerated pace of creation of value ecosystems in the banking sector, through the integration between banking institutions and fintech companies, as well as the need to offer innovative and personalized products have been some of the factors that have induced the use of apification.
Why is apification necessary?
It helps organizations to design and build new solutions and business models, as it makes access to banking operations more flexible through the generation of different proposals that improve and enhance the user experience. This differentiating quality is what makes apification one of the vehicles par excellence in the digital transformation of organizations.
What are the main benefits it offers to the banking industry?
it reduces costs, the use of APIs provides a robust platform for accessing data without compromising the level of risk exposure, the reusability of APIs facilitates the creation of custom applications and services. It also favors the implementation of innovative concepts by providing ways for applications developed by third parties to integrate with data in an agile and direct way, enabling the development of new applications that enhance financial services in new contexts.
What solutions with APIs has Pranical Technologies Latam created and what kind of results has it obtained?
Pranical as a strategic ally for the transformation has accompanied different companies in the banking sector in the design and implementation of architectures based on apification that allows the digital transformation path in a safe and progressive way, for the achievement of organizational objectives, integrating business processes such as the automation of payments and banking operations that accelerate the management of customers.