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TECH BUYER Jun 2019 - IDC Perspective - Doc # AP45088119

Essential Guidance for Banks While Opting for an Application Programming Interface Management Platform

By: Anuj Agrawal

Abstract

In this seventh report in the IDC Financial Insights series on open banking, we discuss how an application programming interface (API) management platform plays a critical role in accelerating the API-based digital transformation drive for financial institutions and list the benefits that an API management platform can bring. IDC recognizes that the selection of the right API management solution platform and a provider will be a tedious task in which banks need to find answers to many questions on various aspects of the API management platform. Hence, this report details the comprehensive list of 10 parameters and 33 related attributes that financial institutions can refer to while evaluating various platforms and platform providers. Furthermore, to aid banks to get the right information, we have listed down questions for all 33 attributes, which can help banks take a well-informed and calculated decision.

"In the context of how the management of open APIs goes well beyond the specific systems or applications they run on, a bank needs a strong infrastructure capability that not only manages APIs but also secures them without compromising the speed of execution. Hence, the decision points in opting for an API management software mainly depend on usability, scalability, and functionality rather than the number or types of APIs it will manage. Banks should evaluate the API management platform by considering their future API management requirement and after internally diagnosing their own technical expertise and whether they have the right set of people to take this API development program forward," says Anuj Agrawal, senior research manager, IDC Financial Insights Asia/Pacific.


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