In: Computer Science
API Development Essay
Read and reflect on the contribution in the FINTECH Book titled "Banking on Innovation Through Data". Compose a persuasive 500 words linking fintech innovation, data, and APIs.
Cite the book to support your paper's main ideas. Illustrate your ideas with an example of a real-life third-party fintech API.
Persuade readers on the following issues:
Explain iwhy ibanks iopen iup itheir idata iand iservices ito iinnovative idevelopers
Ans: iBanks iopen iup itheir idata iand iservices ito iinnovative idevelopers ito iprovide ithem iwith ithe ioppurtunities ito icreate iand idistribute ithe idiversity iof iboth ifinance iand inon i- ifinancial iproducts iand iservices. i
For ifaster iinnovation, idevelopers ineed iaccess ito iAPIs ithat iallow ithem ito idiscover, iconnect, iand ireuse isoftware iassets. iIn iparticular, iAPIs ibehave ilike imessengers irunning iback iand iforth ibetween iapplications, idatabases, iand idevices; ithis imakes iit ieasier ifor icompanies ito iopen idata iin iexisting isystems iand ilink ithem ito iother irelevant isystems. iThese iAPI's iwill iinturn iget ito iknow iwhat ipersonal idetails iare ito ibe imaintained iand iif ithere iis iany ionline itransaction ihappening, ithen ihow ithe icompany ishould itake icare iof ithe iauthenticity, iintegrity iand ito imaintain ia isafe iand isecure igateway ichannel iall iacorss ithe iglobe i(for iinternational itransactions)
Describe ithe iadvantage ito ithird iparty icompanies iof iaccess ito icustomer idata:
Ans: iSome iof ithe iadvantages ito ithird iparty icompanies iof iaccess ito icustomer idata iare ias ifollows:
a ilot iof itime.
Relate ihow ian iopen iAPI/API ideveloper ihub ifacilitates ithe iimplementation iof ithe iapp:
Ans: i
Approximately i20% iof ibanks iinvested iin iOpen iBanking iRelated iInitiatives i— ithis ifigure iis iexpected ito ibe i77% iin i2019. i(Accenture)
In ia ireport ipublished iby ithe iPwC iOpen iData iInstitute iin ithe ifirst isix imonths iof iopen ibanking, iit iwas ipredicted ithat iin i2022 ithe imarket icould igain ivalue iof i£ i7.2 ibillion.
According ito iChris iSkinner, ithere iwill ibe ia igradual itransition ifrom imonolithic isystems iand iexisting isystems ito ithe iworld iof ipure ifinancial iAPI iin i10 iyears.
There iare isuccessful iexamples iin iEurope, iNorth iAmerica iand iAsia. iThe iregulatory imarket iis ithe imost ideveloped iin iEurope iwith iPSD2. iI iwill iprepare ia iseparate iarticle ifor iPSD2.
It iis inot ienough ito isay ithat iwe ihave iopened iour iAPIs ias ia ibank. iThe inumber, ifunctionality iand ideveloper iexperience iof ithese iAPIs iis ithe iarea iwhere ibanks idiffer.
Indeed, ithe inumber iof ibanks ithat iopen itheir iAPIs iis iincreasing iday iby iday iAs ithe iAPI iProgram iManager iof iAlbaraka, iit iis ivery iproud ito isee iAlbaraka ion isuch ia iglobal ilist iof iAPI ileaders. i
It iwill ihelp idevelopers ito iadd ion ioptions ito itheir iinterface iwhich iattract iusers iand iwould iforce ithem ito ishift ito itheir iapplications. iDevelopers ican ialso iinterface ithese iAPI's iwith iGoogle iAssistant iand iSIRI iso ias ito imake ithe ipayment iautomatically iand ipreventive imeasures imust ibe itaken iso ithat ithird iparty iusers ishould inot ibe iable ito iaccess isuch ifeatures i(fingerprint iscanner ior iface irecognition ican ibe iadded ito iinclude ia isecured ilayer)
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