Why Investing on API Development is the Trend

API (Application Programming Interface) Development allows a set of standards, instructions, or requirements for one app to employ services or features of the other app. Hence, it is an app that establishes a connection between two or more apps.

For instance, when we access Candy Crush and it asks to get permission from Facebook, it does not ask us to enter the Facebook page instead it accesses all the data it requires from the Facebook server and allows us to keep on enjoying the game. This is the function of API.

A Vital Mode of Communication

An API is a means of communication between two different services or products and is the base of all apps. The data in one mobile app can be shared with other apps or platforms and simplify the user experience using API. APIs also disregard the purpose of building a separate app for communication from scratch. API development importance is realized and focused a lot by business leaders and app developers due to these factors.

The Future

APIs can transform a business. The strategies until now have focused on paperwork, large sales forces, and other time-consuming measures that are expensive and outdated to run the businesses.

Also, the practices have become less sustaining most of the time. Companies that want to improve are already investing their time and money by building the best-of-breed components that can be accessed through APIs. The influence of this technology is growing beyond the tech-based companies considering the Internet of Things. Product strategy must be implemented by organizations and APIs have the potential to do so.

APIs in Finance & Banking

Even in the financial and banking industries, APIs are taking over and banks are adapting their methods and technology befitting for API development. APIs are being used in making the shift to digital payments, mobile apps, and blockchain technology.

Below are some areas where APIs can better the industry in finance and banking:

• APIs are the building stone of Digital portals nowadays that help a customer to exchange currencies.
• The new generational customers prefer cashless payment and methods like Venmo, Google Pay, and Chase QuickPay have built-in APIs in them that allow them to do so.
• If customers want to pay their credit card bills online, check their bank balance on their smartphone, and view the loans they qualify for or even transfer money.
• APIs are necessary for advanced fraud analytics solutions and to enhance their pinpointing ability.

Below are some use cases of API in this banking industry:

1. Facebook Messenger payments

Money can now be transferred to one another using Facebook Messenger

2. Paypal/Siri Integration

Voice messages can be sent now using PayPal and request money.

3. Banking Chatbots

Many common problems can be solved by customers themselves using chatbots.

APIs in Media & Publishing

The U.S. weekly circulation of newspapers in 2016 was 35 million according to journalism.org. Before that in 1973 circulation was more than 63 million. To improve the customer’s needs, publishers have now begun to accept the API technology because print is steadily declining.

Below are some places where APIs are beneficial in the publishing and media segments.

• There are many online publishers that expect APIs to obtain information from creators and publishers.
• APIs now control content syndication. Custom APIs are now being created by many publishers from the New York Times.
• APIs help to integrate content from the publisher to the user’s smart devices.