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"The Future of Banking and Financial Services Depends on APIs"



An OpenLegacy Blueprint using API Technology for Digital Transformation

White Paper: OpenLegacy

The open API technology has potential to unleash a new wave of changes in the financial service industry. The implementation of APIs and microservices can eliminate complex integration difficulties thereby extending your back-end legacy systems to create a fully functional digital service. With OpenLegacy--open-standards-based API integration and management software--you can create seamless customer experiences, drive new revenue and reduce customer churn with innovative digital applications through the web or mobile devices within days or weeks.

Customers expect real-time information whenever and wherever they are, without the assistance of an agent or a call center representative. The modern agent requires new tools and applications to maintain productivity in a mobile environment. This whitepaper explores the topic of using APIs (application programming interface) to quickly deliver the innovations that banking customers demand.

In this whitepaper learn how to implement the ART of the API in order to achieve:

  • Seamless customer experience

  • 70% reduction in total cost of ownership

  • Fully functional digital services in minutes instead of months

  • Software quality and security

  • Drive new revenue

THE ART OF THE API: <h3>BANKING & FINANCIAL SERVICES</h3><h6> An OpenLegacy Blueprint using API Technology for Digital Transformation</h6>
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What is

What is Banking ?

Banking is a business activity of accepting and securing money owned by individuals and enterprises, which also involves transactions carried out to produce profits. It is a principal procedure which creates and controls the money supply of the country. It not only provides liquidity needs for businesses and families to invest for the future but also makes use of its deposits to give out loans. The loan can either be short term or long term and it claims repayment in the form of installments.

What is Application Programming Interface ?

Application Programming Interface (API), Application Programming Interface (API) have existed quite long time ago, since the invention of first computer programs. The first API was developed and released by in the year 2000, reports In the same year, Ebay released its first web-based API, followed by Amazon starting their new Amazon Web Services (AWS). This gave rise to a new API age, and reached a matured point of hosting external APIs letting the cloud service

What is Financial Services ?

The term financial services is not short of definitions, it can be defined in the simplest way as to include a plethora of continuously increasing services offered by financial institutions such as Banks, credit card companies, insurance companies, mutual fund providers, etc. As the world becomes more complex, so are the financial institutions. In order to meet the growing demands and compete in the ever growing financial market, the financial institutions are constantly innovating and developing new products thus increasing the financial services exponentially.

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