Facing increased competition from financial services upstarts and tech firms, banks are doubling down on application programming interfaces (APIs) as a competitive tool, a new report shows.
Paybefore (Banking Technology‘s sister publication) reports that an Aite Group study canvassed product and digital channel managers at Asia-Pacific, European and North American banks, and found that those institutions view API development as a major priority over the next two years.
As for specific capabilities, 67% of respondents said developing APIs for real-time payments functions was a “high priority,” with 29% listed such APIs as a “moderate priority.” Just 5% said real-time payments were not a priority.
