Harnessing The Power Of Financial Data APIs For Fintechs

1. Harnessing The Power Of Financial Data APIs For Fintechs Nowadays, experience, technologies, lending is approaching more closer and incorporating into customers' business life cycle. Due to this, more and more customers are coming towards financing to purchase their equipment or to fill their cash gaps. To meet the higher expectation of customer needs, new entrants and many fintech organizations have started leveraging digital transformation in their business model. because demands, of the change increase in in customer emerging and

2. Supercharged by the pandemic of COVID-19, for many fintech companies - digital transformation has become a top priority. Customers are expecting contactless financial services in their lending. A seamless and strong digital interface - the one that cuts the touchpoints during a transaction funnel while providing superior customer experiences requires a robust, agile, and flexible digital architecture. Today, APIs are essentially important for a lending ecosystem because it provides connections with different banking products and services in today's time and helps in adopting upcoming innovations. Financial and accounting data APIs are set to completely change the structure of global financial services. With the

3. help of financial data APIs, more business financial data becomes available. Fintechs can make their credit decisioning process better by collaborating with financial data APIs. By integrating data from a broader range of sources, FinTechs can have a better view of historical, real-time, and forward-looking financial positions of their client's businesses, which also helps in making better & faster financial decisions. Financial institutions to retrieve client's financial data quickly. These APIs facilitate the direct applications for lenders, investors, consumers, auditors, and other financial service providers by laying down the gaps between several applications. data API allows banks and other fintech sharing of data between These Financial Data APIs are ML & AI powered which help to fetch business data from various third-party sources and then later transform the data into meaningful holistic insights to share with the users. Regardless of the growth of many fintech institutions, there is a well enough amount of assets available to traditional lenders at their decades of operating experiences, major client bases, and disposal, which includes

4. established considerable amount of clients' trust. And if they integrate their assets with financial data APIs, they can have a competitive edge of leverage ecosystem and beat the FinTechs at their own game. reputations that have generated a the open financing No doubt, in the coming days, banks and financial institutions will focus more on the guarantee of a rich financial and accounting data API to meet the growing needs of customers and making the lending and credit decisioning process better and faster with less credit risk. Original Source:- https://henrysmith-hs81.medium.com/harnessing-the-power-of-financial-data-apis-for-fintechs-e 5e3d107434f