The digital revolution is bringing about a radical change in the business model of traditional banking: from making money by managing their customers' wealth, they have become platforms as a service (PaaS) for third parties.
Microsoft’s Strategy manager, Pablo Junco, discusses in this interview the combination of Blockchain technology and APIs for creating platforms aimed at driving a wide range of businesses in the financial sector.
The bitcoin-related services offered by CoinDesk, Bitpay and Coinbase include APIs for external developers to develop apps and financial products aimed at performing transactions and obtaining share prices.
The Technology Strategist at Microsoft, Pablo Junco, stresses the benefits of APIs and explains how Blockchain technology acts as a notary during transactions by removing the role of intermediary, and how it allows banks to get to know their customers better.
'Unicorn' companies stand out for their technological nature, so many of them rely on APIs to be more competitive and offer better experiences. Consequently this technology is aiding the service companies you use daily.
At WWDC 16, the Apple developer conference, the company introduced a new package of APIs that provide new features to products such as Siri, Maps, messaging and calls.
Companies are implementing increasingly more APIs because they contribute a differential value to any sector. Architects are essential for the process of creating an API, as they are responsible for contributing a clear focus with respect to business objectives.
APIs in banking are helping open up the sector, which is now moving towards what is known as open banking. Under this premise, in her talk at OpenExpo, Carmen Cuesta, CTO of Nimble Payments at BBVA highlighted the importance of the culture of openness in transforming the financial system.
The bitcoin network was launched in 2009 as a digital revolution. Following various ups and downs in the value of this cryptocurrency, today companies such as Coinbase and Bitpay are exploiting the sector by offering services through APIs.
José Manuel de la Chica, New Business Digital at BBVA, highlights the value of the APIs in the digital transformation of banks and traditional businesses. The bank take part to open its APIs to third parties to create value and open new business opportunities.
