Secure API Connectivity for Financial Institutions | NXTsoft

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Financial APIs Support a Consumer-first World

APIs are the framework of a modern and diverse financial ecosystem, eliminating former limitations on consumer choice. In the past, consumers didn’t have the same level of freedom when it came to selecting where to go for their financial services.

Now, APIs have easily made it possible to seamlessly navigate between personalized budgeting tools, mobile banking, and investment/trading platforms. Consumers have thousands of new financial tools at their fingertips, each created to fill a highly specific gap and need. As a result, individuals have far more opportunities to achieve financial freedom in a meaningful and well-suited way to their lives.

Today, API-based financial services have transformed how consumers access, utilize and interact with finance tools. They can maintain accounts, investments, and loans with various institutions while taking advantage of an intelligently connected web of platforms and services. For financial service providers, this means that consumers have higher expectations than ever before - and rising to the occasion is paramount to delivering a high-quality customer experience.

Safe Access to User-Permissioned Data

In the finance industry, security has always been essential. But in the digital age, prioritizing customer security looks much different than it used to. The good news is that financial APIs can be an excellent means for elevating security and empowering providers to develop financial apps and services that are precisely built for specific types of available data.

As a result, properly protecting sensitive data and safeguarding access can be far simpler and more effective with the right financial API. NXTsoft provides a safe and secure approach to developing finance API, partnering with developers that maintain strict engineering standards for user permissions and data access. Our API security requirements exceed industry standards, so you can be confident that your financial institution is enacting the proper protocol to protect all users.

Fast, Efficient, and Cost-Effective Financial Access
Financial APIs don’t just streamline the customer experience; they also increase efficiency on the provider’s side. Whereas traditional financial services may require customers or employees to sort through large collections of files and complex data systems, APIs facilitate the same services in a more cost-effective way.

For example, a loan applicant no longer has to provide paper documentation of bank statements, personal financial information, and income history - and employees no longer have to spend time collecting and organizing it. With NXTsoft, your financial API can allow customers to share all relevant information programmatically, linking directly to their related accounts. Time and effort are saved on both ends.

Future-Proofing Financial Services
It’s no secret that competition is becoming increasingly intense in the financial industry, particularly as new fintechs arrive constantly. The number of fintech startups has climbed to more than 26,000 worldwide, and the U.S. fintech industry is predicted to exceed $66 billion by 2024. Most of these companies are built on a foundation of APIs, guaranteeing a meteoric rise in future API technology.

More than 90% of banking institutions report plans to partner with fintech companies to accelerate their speed-to-market and improve their ability to serve customers’ wants and needs. To keep up with this major industry shift, you need a cutting-edge API provider that provides the adaptability you need. When you work with NXTsoft, you’ll be able to leverage our pioneering technology and implement API integration to future-proof your services.