An Application Programming Interface (API) is a set of functions that enable programmes to interface with external software components, operating systems, and microservices. To put it another way, an API facilitates interaction between users and systems, sometimes even between systems/apps. You may also think of it as a software intermediary that allows apps to communicate with other apps or users.
Let’s look at the applications and benefits of APIs in BFSI, media, e-commerce and education
1. BFSI:
Applications
- Internet banking APIs – You’ve probably paid for online shopping with an online bank account. You don’t have to leave the e-commerce site to pay because you’re using an API. Simply connect to your bank using the e-commerce site, confirm payment, and the API will take care of the rest.
- Mobile APIs – Integrating PayPal and Siri enables PayPal users to transfer and request money using voice commands.
- Banking chatbots – Bots assist clients in solving a variety of problems on their own.
- Banking Apps – APIs help customers check their bank balance, pay credit card bills online, see what loans they qualify for, and transfer money to other accounts.
Benefits
- Simplified transactions – The digital portals that help customers exchange currencies rely on APIs. APIs facilitate all the operations and offer practical solutions to every problem.
- Faster transactions – It is possible to make cashless payments via APIs. It reduces the transaction time and provides a better user experience.
- Enhanced security – APIs in banking require multiple levels of authorisation processes to maintain the security of the financial data and customers’ confidential information. APIs are required for advanced fraud analytics and theft detection. As a result, they facilitate enhanced data security.
2. Media & Publishing:
Applications
- Multiplatform integration – Every social media platform like Facebook, Twitter, Instagram, LinkedIn, etc, have their own APIs, and a majority of them allow developers to access and incorporate their features into apps.
- Video streaming platforms – APIs are used by streaming companies, such as Netflix, Hulu, Amazon Prime, and Disney Plus to help customers find, view and share content that interests them.
- Content syndication – Many web publishers use APIs to obtain content from publishers and creators. Many of them have or are developing their own APIs.
Benefits
- Content delivery – APIs aid in delivering content from publishers to consumers’ smart devices.
- Gather newsfeed – They help with instant feeds of national and local news stories, entertainment videos and breaking news.
- Sports information – One can get information about scores, schedules, player profiles, and other sports information.
3. Retail & E-commerce:
Applications - Payment APIs – Enable POS (point of sale) terminals to accept payments from various sources, including cash, cards, and mobile devices.
- Price comparison – Provide notifications on price changes on a regular basis
- Stock inventory updates – Provide real-time stock updates.
Benefits
- Tracking – APIs are used by both physical retailers and e-commerce sites to keep track of inventories. APIs assist customers and businesses in tracking shipments.
- Logistics – Assist in streamlining deliveries and reducing errors.
Simplified transactions – APIs enable users to browse, compare, select and purchase items at lightning speed.
4. Education:
Applications
- Centralised database – Since most testing and grading is done online, APIs facilitate the storage of answers and scores to a centralised data repository.
- Dynamic updates – APIs simplify sharing course timetables and send instant updates in case of any changes.
- Efficient information sharing – APIs assist instructors to share lesson plans, curriculum development, and file.
Benefits
- Tracking – APIs are used to track attendance rolls, student profiles, directories, and other important information.
- Efficient administrative processes – It helps gather information and copies of documents easily. API facilitates course registration and availability checks.
API implementation has numerous commercial advantages. They are effective mechanisms for process simplification and realizing high return on investment for businesses. APIs have evolved into significant catalysts enabling organisations to serve their customers better and be future ready.
How can Neebal help?
Neebal’s bespoke API Integration services assist you in connecting systems and apps to improve the efficiency of your business and integrate your business processes in the cloud, on-premise, or hybrid deployments and maximise your company’s potential. Using MuleSoft, Neebal has successfully created API interfaces for various enterprises to synchronise multiple systems and link them with other technologies.
Here’s how our API Integration services helped an AgroChemical MNC interconnect systems and applications to enhance efficiency and improve the user experience for data-driven apps. Read the complete case study here.
Contact us to know how we can help you.
Topics: API Integration