BBVA API Market
Application programming interfaces are the result of a process of assimilation and analysis within the company with a view to maximizing its resources to generate income, based on the objectives, the market, the competition, and other factors. You can have an API and not be a company in the API economy.
The implementation, scalability and market reach of a company’s APIs involve a process with many challenges, divided into the following stages:
An API also represents a position as regards the world of business and the economy. Placing an API in the center of business activity turns the business into a platform with its limit beyond the four walls of the company’s headquarters. Its business model becomes something that can be scaled, exported, transferred, made viral, sold…
Imagine an API as a Trojan horse from which you can conquer markets, even through the resources and the talent of other companies. It is essential to understand APIs as an instrument for creating value for research, development and innovation in third parties. APIs have much to do with open knowledge and business, intended as a platform for developers and startups.
The road by which a company reaches a degree of maturity typical of the “API economy” is called APIfication. Extending API-based services within a company is not an easy task; and if this effort is not preceded by an analysis of the market and the objectives, it may be for nothing.
In many companies, this process is even more complex when there are one or more APIs but the interpretation of their value is not focused on business; instead, they have been developed as a result of a merely technical need. Before you start something new or transform what already exists, you should answer three important questions: which, why and what you want an API for.
This may be an important aspect if you see a quick transformation of your business model into a platform. Making your business viral, through third companies, with millions of clients, can represent a problem for your IT infrastructure. You need to control each of the details.
APIs are the glue of the entire community of developers. Offering application programming interfaces on a simple online platform, which centralizes the use by partners, suppliers and developers, is an accelerator of their commitment to a company’s business and brand. In this regard, BBVA API_Market, the repository of BBVA APIs, has become a benchmark for this type of project in Spain.
As a company grows in the development of APIs and the number of clients it serves, it becomes essential to measure its performance in meeting the demand and handling any issues deriving from the use of APIs. It is recommended that you look for solutions to monitor this. There are currently several powerful tools designed for this purpose: 3scale, ApiAxle, Apigee, IBM API Management, Akana, Oracle SOA Microsoft’s Azure API Management… There are several solutions at all possible prices.
This type of tool speeds up the implementation of an API management system which simplifies what is needed to take control:
Lack of confidence in the payment platform and slow processing are the two factors that most influence the abandonment of purchases from ecommerce. Two problems that can be solved thanks to APIs.
Banks have accelerated their digital transformation as a result of the COVID-19 pandemic. In this new ecosystem, open banking and integrated finance are booming, facilitating banking operations and improving the customer experience.
APIs allow companies to offer their own e-wallets, building a new user experience that drives and contributes to customer loyalty.