From Integrations to Innovation: Implementing an Evolving API Strategy
An evolving API strategy helps digital financial services (DFS) providers get started with opening APIs without overinvesting before returns can be demonstrated. A clear API strategy will assist a DFS provider to cultivate an API ecosystem, in which third parties are building new products and services that reach low income customers as well as new markets. Understanding the API maturity model can help a DFS provider move from one-off integrations to an iterative process of building open APIs, in which continual learning informs an API strategy that generates new revenue opportunities and helps third parties to develop products that bring more people into the financial system.
This Technical Note helps DFS internal stakeholders understand how to evolve an API strategy along the API maturity model spectrum, where increased investment in open APIs is matched with benefits returned to the business overall, and to API ecosystem partners.