Why Are Banks Opening Their APIs? Innovation & Staying a Step Ahead in the Digital Space

As fintech startups continue to disrupt traditional financial services, banks are waking up to the fact that offering an open API, where developers can latch on and create very specific customized app solutions, is the way in future to engage and retain their customers. Banks and other financial institutions are sharing codes through application programming interfaces, of software gateways that allow applications to work together. APIs are a banks’ tool for survival and relevance in a smartphone-first world. So making it open to outsiders is pretty much l ...

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