Open API Opportunities Outweigh the Challenges for Banks
The financial industry has traditionally lagged in adopting open technologies, but its continued evolution may rely on one, in particular, argues Lisa Iagatta, chair of ISITC North America.
While many financial services firms may have, historically, been reticent to embrace open technologies, many have realized that they are behind the curve when it comes to APIs.
To those in finance and asset management, APIs—which, in a nutshell, allow two computer applications to “talk” to each other using a mutually understood language—may seem new. This is because the industry has traditionally focused on managing the risk of sharing data versus the opportunity of embracing open platforms.
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