API Economy
tags :
Summary #
article by Gartner The API economy is an enabler for turning a business or organization into a platform.
Open Banking pulls Banks into API Economy #
How APIs help business or organizations #
Platforms multiply value creation because they enable business ecosystems inside and outside of the enterprise to consummate matches among users and facilitate the creation and/or exchange of goods, services and social currency so that all participants are able to capture value.
Kristin R. Moyer Vice president of Gartner
APIs make it easier to #
- integrate and connect people,
- places,
- systems,
- data,
- things and algorithms,
- create new user experiences,
- share data and information,
- authenticate people and things,
- enable transactions and algorithms,
- leverage third-party algorithms, and
- create new product/services and business models.
Examples #
Uber #
Uber, for instance, is an example of a business built on a platform because it leverages Google Maps through an API to enable its entire business model of matching drivers who have a vehicle with passengers who need a ride.
LinkedIn #
They provide APIs for the application to integrate with linkedin, making them a platform.
Recruitee #
They provide APIs to create, update and delete (e.t.c.) candidates and their CVs from external applications or from e.g. Azm X CMS, making them as platform.
OCR of Images #
2023-02-01_17-28-18_screenshot.png #
Expedia provides API based tool generated over 85% of Expedia's revenues eBay's Buy APls have generated $1bn+ gross merchandise sales in 3 years Visa paid $5.3bn for APl-driven fintech Plaid Copyright C 2020 Accenture. All rights reserved.
2023-02-01_17-29-08_screenshot.png #
OPENI BANKINGPULLS BANKSINTOTHE API ECONOMY Open Banking regulations pull banks into the API economy and the broader financial services ecosystem, offering an opportunity to emulate the learnings and successes from tech platform companies and fintechs. Leading banks in the UK and Europe are looking beyond regulatory compliance towards monetization of Open Banking services and interfaces.
OCR of Images #
2023-02-01_17-28-18_screenshot.png #
Expedia provides API based tool generated over 85% of Expedia's revenues eBay's Buy APls have generated $1bn+ gross merchandise sales in 3 years Visa paid $5.3bn for APl-driven fintech Plaid Copyright C 2020 Accenture. All rights reserved.
2023-02-01_17-29-08_screenshot.png #
OPENI BANKINGPULLS BANKSINTOTHE API ECONOMY Open Banking regulations pull banks into the API economy and the broader financial services ecosystem, offering an opportunity to emulate the learnings and successes from tech platform companies and fintechs. Leading banks in the UK and Europe are looking beyond regulatory compliance towards monetization of Open Banking services and interfaces.