BBVA API Market
Real-time technology has gone from being a differentiating feature to becoming a widespread element of applications. In fact, the most popular platforms such as Twitter, Facebook and Instagram send real-time notifications to their users.
Real-time features started to be implemented in stock markets with the aim of allowing traders to complete deals at low latency. This possibility, which represented a revolution in the financial sector, has now transformed the way we communicate.
Real-time technology has become an essential part of our daily life. It is no longer something avant-garde, but something necessary which we demand in any application. For example, this type of technology is one of the key strengths of WhatsApp, since we expect to receive a message as soon as somebody writes it.
When we talk about real-time technology, we also need to talk about the Kano model, a set of techniques that help to define the features of a product and classifies customer preferences into several categories. According to this model, a product needs to:
– Ensure customer satisfaction through features incorporated into the product/service.
– Be attractive, i.e. have features that attract users and draw their attention.
Good implementation of real-time technology in their platforms has allowed many companies to expand their market share. For example, Uber improved its users’ experience by including live geolocation monitoring.
And Deliveroo was able to leverage real-time technology to attract more users. The company provides a takeaway delivery service where its customers can track their order status in real time and see how their request progresses.
When incorporating real-time technology to a platform, this feature’s design must be carefully planned since it must be sufficiently clear and simple for users to really be able to make the most of it.
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.