It won’t be wrong to say that APIs are powering a lot of new FinTech innovation. Apart from the huge drivers for FinTech innovation that we have seen – Mobility, Cloud, commerce innovations, analytics and big data I think use of APIs is another driver that is helping FinTech a lot. Most FinTech companies now float their products on cloud services so that they can enable access to API data as if it was an on-premise database. In the second half of the article you will see 71 FinTech APIs that you could use today. I have talked to most of them and I am really excited about the value they can add to the FinTech eco-system.
So what are the enablers for API Economy? Consumer Apps in every segment of FinTech, Opening up of data by Govt. & Regulatory bodies to enable market transparency, opening up of data by companies large and small, faster networks, better cloud services, ease of generating increased user base and asset light business models and I have heard many more. But let’s get to the more exciting part…
Financial services was the first industry to embrace automation and computers much before the 90s. You would see IT systems, mainframes, processes and all kinds of computers and applications being used for last 30+ years. But there was no “second coming” after the initial revolution. In 1998-2000 when Paypal was formed it was a lone star and one of the very few (new) financial technology success story. Currently what we are witnessing is actually a true “second coming”. Something we have all waited for and this second coming is being led by nimble startups that focus on 1-2 key features while using APIs already available in the market. Financial and Payments segment have the most number of APIs along with Ecommerce. Look at the following charts from programmable web and you will get an idea.
Now, let’s go to the most important part of this research article. The “Do-ers” who are making their APIs available. Following is a curated list by segments. Let me know if you have any suggestions.