TECH BUYER Mar 2021 - IDC Perspective - Doc # AP46529220

Application Programming Interface Standardization: Shifting Focus from Technology to Opportunity

By: Ganesh VasudevanResearch Director, IDC Financial Insights

Abstract

APIs are not just technical protocol for system interaction, rather it's a communication protocol extending beyond technology to other verticals within an organization. However, such communication protocol can be effective only if the APIs broaden its horizon by transcending into business areas through standardization based on data driven information exchange. Therefore, beyond technical standards, it's important for banks to identify and imbibe business parlance into their API design to extract maximum benefit of APIs.

"By standardizing APIs leading banks are closely aligning interactions, both internal and external, to business outcomes. They are actively integrating cross functional teams to discover value streams from connected ecosystem. These banks are efficiently orchestrating data driven interaction capabilities to the next level using API standardization to meet immediate and future business objectives."


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