Application programming interfaces, more commonly known as APIs, are a key indicator of success in the digital world of business. In Google’s State of API Economy 2021 research, 58% of global enterprise IT decision-makers said APIs are speeding new app development, and 53% said APIs are vital to building better digital experiences and products.
APIs are the new breeding ground for the digital economy, but with their rapid adoption, there are some people that are getting left out, especially those in developing countries with a lack of virtual infrastructure. One company, Apiwiz, is looking to level the playing field and provide API services and know-how to one and all. Let’s take a look at this company and how they are bringing equality to the API economy.
Maximizing the API Value Proposition
By simplifying the process of developing, managing, and monetizing APIs, the company Apiwiz helps businesses in the API economy better manage the value creation of automated customer-centric services. This mission to help companies streamline their processes is founded in their strategic and custom-fitted approach—breathing tremendous opportunity for companies to accelerate their API and business to the next level.
With their guiding principle being “One place. One solution. One view of your cross-organizational strategy,” Apiwiz equips businesses in the API economy with the unrivaled capability to execute their API goals. Under an integrated developer portal, they provide a single, unified view of a business’s cross-organizational strategy—driving the adoption of internal and partner APIs, simplifying onboarding, and offering auto-generated interactive API documentation, guides, and software development kits (SDKs).
There is a myriad of benefits to this API approachability that apply across industries. But in some businesses, consistency and reliability are even more vital—such as in the case of finance. Apiwiz recently announced its partnership with Tonik, the first digital-only neobank in the Philippines, to accelerate banking services in this developing nation with regulatory compliance.
Bringing Banking to Developing Communities
For those who don’t know, neobanks are “challenger banks,” typically represented by fintech firms offering apps, software, and other technologies to consolidate mobile and online banking. Neobank Tonik provides deposit, payment, and card products to consumers on a completely branchless, highly secure, digital platform that?disrupts the retail?banking industry.??
Delivering a complete customer experience by interweaving best practices and API governance, Tonik hopes to use its partnership with Apiwiz to consistently integrate cross-functional team processes. When digital banks can streamline the process of developing, building, and running APIs, they can boost financial inclusion and offer solutions to unbanked communities—opening up the opportunity to help fill in the gaps in their financial infrastructure.
According to MuleSoft’s Top Digital Transformation Trends 2022 report, “universal API management platforms will become the glue that holds everything together, driving scalable agility, monitoring capabilities, management, and governance.” Meaning that trustworthy APIs in the financial world will be the backbone to providing equal banking opportunities to nations, both developed and developing, worldwide.
Bringing Digital Banking to The Philippines and Beyond
With the immense data explosion in recent years, further propelled by the pandemic, API technologies will be a frontrunner solution as they are capable of connecting channels, platforms, and data. Appropriate API management can handle the various connections and dependencies between different APIs—leading to more predictable and consistent scalability for growth no matter the size of the industry, business, or community to which it applies to.
This is especially prevalent for developing nations who are just getting their footing in the quickly growing and highly-contingent, API economy. APIs will be critical for the chance of equal growth in digital business in 2022, especially that of the financial sector. To learn more about Apiwiz and Tonik’s partnership, and how it will disrupt the retail banking industry in the Philippines and beyond, read the press release here.