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Research Paper | Computer Science and Information Technology | India | Volume 13 Issue 2, February 2024
Application Programming Interface-Digital Strategy for Core Banking
Abstract: Once regarded as a technical interface, the humble API is now praised as a strategic business asset that must be taken seriously. Around the world, banks are awakening to the transformational potential of APIs as the core building block of open banking. Here we consider APIs in the context of channel development and facilitating an ?opti-channel? customer experience. By developing and selling access to new API products, banks are able to create additional direct revenue streams. These premium APIs can also be used as up-sells or cross-sells for other banking products (such as certain corporate accounts). APIs empower banks to deliver products and services in context when customers need them. As well as integrating bank products into third-party apps and services, APIs allow banks to disaggregate the banking value chain. This work provides a brief window into how API driven architecture is driving the digital transformation for banks.
Keywords: APIs, digital transformation, banking, open banking, customer experience
Edition: Volume 13 Issue 2, February 2024,
Pages: 1308 - 1313