How APIs disrupting Financial & Banking industry

Digital technologies and mobile apps are changing the face of financial services — it’s not an overstatement to say the industry is undergoing a major digital transformation. This rapid acceleration is having a significant impact on the relationship between traditional financial institutions (FI) and new digital fintech companies.

They are beginning to realize they actually need one another to thrive. While digital companies can innovate quickly and create better customer experiences, these same companies also lack the financial institution’s data expertise and broad-based knowledge of complex global financial markets, regulation, and high-security networks.

As a result, these two seemingly at-odds segments are now perfectly aligned to benefit one another. Easy access to Banking and Financial Data via APIs have fueled some of this innovation.

Plenty of start ups slowly disrupting financial industry in every segment whether it is Payments, Lending, Wealth, Banking, Loans, Cryptofinance as we move towards the paradigm of “People need banking, but they don’t necessarily need banks.”

  • Powerwallet: Online Money Management, Account consolidation, Cashflow monitoring, Bill tracking, Blogs
  • SelfWealth: Account consolidation, Broker account connectivity, wealth check score, social network to improve the investment features, S&P index for comparison
  • Learnvest : Self service platform to enable end users to achieve their goals, Financial planner will customize program and provide support to help you reach your goals.
  • Simple : Safe-to-Spend does all the math by taking your balance and subtracting upcoming bill payments, pending transactions, and any Goals you’re saving for.  Built in Goal setting tool to manage finances better.
  • HelloWallet : Behavioral science can be used to design financial software to keep users engaged with their financial decision making.

In personal finance and wealth management segment, bank feed and financial institution data are easily accessible than ever, through APIs, companies are building smarter apps leveraging this real time feed and analytic.

User’s financial information such as user’s expenses and other financial information investment goals can be created. This will enable user to continue along their personalized financial journey, they can visualize the improvement in their financial position since beginning their journey, which would be a really nice way to demonstrate the value of the platform both to an individual user and also aggregated for use in sales collateral/PR etc.

 

Talk to us today for a business focused API assessment session for your business and explore opportunities to drive disruptions in your industry. 

by

A Business and Technology executive with a proven track record of delivering innovative and successful business outcomes in challenging circumstances.

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