BBVA API Market
It would be difficult to understand the true value of APIs for a company only as a means of communication between applications. In other words, APIs understood as tools designed by a programmer to send data from a platform to an application without which the latter could not function.
APIs have fostered a new communication model between companies and the community of developers, where the opportunities to collaborate increased exponentially. Application programming interfaces facilitate the search for inward and outward synergies in organizations; they are an easy way of incorporating external services, products and processes into a company or to provide these outward, with the possibility of monetizing each idea. APIs have changed the way of doing business completely: more open, more democratic, where talent is an opportunity to generate business.
APIs are the core on which tomorrow’s organizations should be built, especially with two major events in any strategic plan:
APIs very much simplify the creation of products and services and, therefore, a company’s ability to launch an idea rapidly in the market.
Reducing time-to-market considerably represents a reduction of costs and increases the chance of success.
Shortening time-to-market not only reduces costs, it also prevents disappointments. The earlier a product/service is tested with clients, the earlier noise and surplus will be removed and the earlier the most interesting functions for users will be found. A shorter time-to-market means improving and achieving a successful product earlier, with the capacity to generate income and business.
Carlos López-Moctezuma analyzes the present and future of open banking in a roundtable dedicated to this matter, where essential questions such as user growth curve, the role played by fintech and the profound evolution that banks such as BBVA and others have experienced in the past few years.
Online businesses are offering more and more facilities for customers to pay for their products. It is becoming more common to integrate financing into retail applications, and it is an added value for companies that implement it within their platforms.
Startups and existing companies in the process of digitization need a new set of digital tools to help them transform their businesses and get more in tune with their customers' needs. If possible, they should develop frictionless systems that do not create barriers to entry for the business, as occurs with some banking solutions.