4 Ways That APIs Can Accelerate Your Business Growth | Baanx
December 15, 2020
Building a business based on APIs means we are constantly looking for new ways to use blockchain and APIs to help growth.
APIs are the biggest enabler of digital transformation for business, with limitless possibilities through connection and integration, with 85% of businesses considering API-based integration fundamental to future success. As well as this, white-label APIs can open the door to fintech to banks without requiring you to develop your own platforms or programs.
Early adopters across a number of industries are already using APIs to create new products and channels. As well as improve efficiency. Within the automotive industry, APIs are used to embed efficiency data, route information and real-time alerts into dashboards. And, just like traditional banks were triggered to create a website which became essential for business, APIs will become the face of the business online, so APIs are already driving change across the economy.
Here are four ways that APIs can accelerate your business growth through connection and innovation.
New markets were traditionally extremely difficult to break into, but with APIs, digital assets are far easier to develop and easier to package to be used by external partners.
Previously, a company may have spent a long time ensuring complete integration of its technology for a partner, today businesses are making their APIs available to all for easy integration through developer portals. Through these, businesses can now rapidly onboard new partners and adapt APIs for new use cases. This can enable providers of APIs to enter new markets and broaden its business scope without extensive research and development.
APIs give companies the ability to pivot their strategy and adapt to changing customer needs, market dynamics and trends.
Strategy through insights
If you’ve ever wanted to know more about your customers, APIs make it incredibly easy. Data is practically a currency in today’s world and managed APIs enable businesses to gather analytics about how their APIs are being used. Insights can be generated from the raw analytics, providing valuable information about who is using their APIs and how.
These insights then enable organisations to update and upgrade their APIs for further development of companion APIs. This can inform future strategy and new product development due to a better understanding of the diverse application of APIs.
Better developer and user experience
A clunky interface is a sure-fire way to lose customers, but with APIs, both developer and user experience is enhanced. When a business wants to offer a new type of information or service, rather than having to build the solution from scratch, they can use a software message to query an API that was designed specifically for that purpose.
This saves developers time, enabling them to offload non-core services to the best possible APIs, meaning they can focus on elements that deliver the greatest business value. Using APIs greatly reduces the complexity of a developer’s necessary code base, making it easier to track down and eliminate bugs.
User experience is also enhanced, as the business can offer services they otherwise would not have been able to due to resource allocation and a lack of specific expertise in that area. In doing so, their core product offering is made more attractive to users.
The role of APIs has enabled fintech businesses to include complex functions and present them in an engaging way to users. Meaning that integrating APIs have the potential to increase engagement. For example, advanced API capabilities enable developers to create a rich user experience by compiling a deep array of data sets.
Baanx has a CL proprietary API service that helps you to build your payment solution platform. Baanx’s unique API platform can help you to level up your business’ consumer offerings by providing opportunities for innovations. By providing your team with the exact information they need to engage each customer, you’re empowering your business to develop a new level of customer service and make room for innovation.
Our APIs allow you to access new value outside of the business, as they increase the potential for partnerships. Baanx’s APIs enable customers to improve communication and facilitate seamless collaboration across B2B2C platforms - offering key services across acquiring, issuing, remittance and digital assets within mobile apps and through APIs to the open market.
Interested in exploring how we can help you build your payment solution? Get in touch with one of the team.