Online businesses are offering more and more facilities for customers to pay for their products. It is becoming more common to integrate financing into retail applications, and it is an added value for companies that implement it within their platforms.
Startups and existing companies in the process of digitization need a new set of digital tools to help them transform their businesses and get more in tune with their customers' needs. If possible, they should develop frictionless systems that do not create barriers to entry for the business, as occurs with some banking solutions.
Taking a customer through the entire buying process until it is formalized is an arduous journey and one that faces the constant possibility of the customer leaving. However, there are ways to make the buying decision happen if you are given facilities such as agile, secure financing.
Open banking is driving the development of new apps that are integrated into company platforms, all in an effort to offer banking services to customers. Thanks to APIs, any banking operation, such as opening an account, can be done without the need to exit an application.
For many business sectors, the purchasing process is critical. APIs have helped improve the changes of many of these businesses, for example by offering instant financing to their customers.
APIs are not simply parts of a source code that allow communication between two applications. They also offer new ways of simplifying processes, saving costs and enriching business information.
At the moment, APIs can be divided into two major groups as regards the business model: APIs which are understood as a tool; and APIs which are a product themselves.
Although it may sound strange, the development of the API itself is often not the most important element for an organization that is thinking of having an API. Everything relating to the APIs in a company must be a strategic, a business, rather than a technical issue.
For some years now, APIs have been the great catalyst of change in business organizations. And that is essentially, thanks to its capacity to generate new business models and increase their profits.
Why just read the news when you can hack it? This is how The New York Times encourages developers to dabble among the APIs offered by the great 'Gray Lady' of journalism. If, at the end of the day, these represent the technology par excellence through which computers communicate, how can it not impact the communication industry par excellence?
