Among the reasons bank customers switch banks, online banking capabilities and mobile banking capabilities rank third and fourth, respectively. Multiple factors go into making those capabilities really shine, and one of the biggest is how well your tech interacts with other platforms, allowing customers to easily view their financial picture and move money around conveniently.
The best way to stay flexible and stay ahead of the latest innovations of your competitors is by implementing an open API architecture. With more ways to keep customers engaged, open APIs deliver a streamlined experience that supports growth and innovation for banks.
Why Innovation Matters for Banks
Banking customers expect innovation – in recent years, clients have been voicing a greater need for easy account access, more cybersecurity protection, and an overall better digital experience.
Open API application interfaces function as essentially a shortcut for developers to do just that – they can easily build new, innovative applications to increase productivity and improve the overall client experience.
To stay ahead of the innovation curb, many banks are tapping into open APIs to enhance their overall digital experience.
How Open APIs Open the Door for Innovation at Banks
One of the biggest challenges many banks face is the decision to buy, build or partner in their tech stack.
For unicorn banks with big budgets and endless resources, building might make sense. But for regional banks, wealth management firms, and commercial businesses, the choice to partner is obvious – they get strong, innovative platforms without the massive price tag an in-house tech team would require.
But how do you know your tech partner is among the best, pushing forward growth and innovation to take your bank to the next level and stand out from the pack?
The answer lies in open APIs. Tech with open architecture, available through various endpoints, that enables banks to create hyper-personalized experiences both internally and externally is the future of banking.
Open APIs in Action
Whether it’s a small business owner or the client of a broker-dealer, open APIs can create the personalized experiences consumers expect.
For example, say you have a bank with two entry points to their various business lines: the wealth management platform and the consumer side. Open APIs can allow developers to create applications that combine all of that data into a single, succinct view.
Now, imagine that a bank has 20 different entry points – the need for that unified data multiplies. By unifying their customer data and integrating that information through an API with the consumer experience in mind, clients are able to easily see their checking accounts, savings accounts, and even investment information. With Wealth Access, all their assets are aggregated through a Personal Financial Management tool in a single, comprehensive balance sheet.
It’s a totally new and dynamic experience that banks can deliver to each and every customer, just by making the switch to an open API.
Why should banks make Open APIs a priority?
For small and medium banks, that digital transformation allows them to engage with clients from anywhere in the world – all while creating a personalized experience.
In addition to that, Wealth Access’ open API provides a total balance sheet that can be efficiently evaluated by underwriters in the event that they need to apply for a line of credit for their business.
With our Digital Vault capabilities, business owners can also easily share documents such as tax returns with their business banker. These streamlined processes allow both businesses and banks to operate more efficiently and promote innovation throughout the digital workspace. For banks hoping to stay ahead of the times and deliver a stronger, more personalized experience to each and every client, open APIs provide the perfect platform for growth.
Explore Open APIs With Wealth Access