According to Imran, it is now critical for banks to have Application Programming Interfaces (APIs) to do business. Not only have APIs become a necessity for banks to streamline operations across their business and product suite, but they have also become an integral part of product development business strategy and scalability.
Banks that have embraced APIs are more agile, more nimble and are able to change to their customers’ needs faster than those who do not have them.
“Some bank processes still do not adapt to customer needs. When you have well-implemented API ecosystems, you will create efficiency across the organization’s processes such as data and security,” says Imran.