It is happening all around us! Evolving consumer demands and regulations, maturing technologies, and increased competition from FinTechs and DeepTechs drive the need for API-enabled business transformation and innovation.
Enough of the why. Let's get to the what! Here are 10 potential pitfalls we recommend you as a bank or financial service organization avoiding in your API-fication journey:
- We already use APIs! We don't need to leverage advanced API management.
- API management? IT takes care of that. Let them worry about it.
- IT should take care of it? Well, we are waiting for the business units to define the requirements.
- For now, open banking and embedded finance do not concern us.
- We don't need agile enterprise architecture management yet!
- API platforms? We are not even cloud-based yet. How could we even start thinking about API management?
- Our current approach already covers API security and analytics. We should be fine.
- Who are you kidding? Investments in advanced API management don't pay off.
- We don't need an API strategy; we can do a trial & error approach. One day we will get it right!
- KPIs are not required. Too much overload.
Are you interested in discussing with us secrets of success, promising use cases, and reasonable steps to kickstart a new initiative on advanced API management? Let's talk! 🙂
Learn more about API-enabled digital transformation for financial services here: