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Chief Architect at large SaaS company
API management products help provide better account integration, payment integration, smart decisions, and a better customer experience. In addition, selecting the right API management platform allows organizations to support multiple gateways managed in a centralized plane and gives them the ability to reuse APIs developed in different teams, thereby making development cycles easier.
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APIs are used in the banking industry to provide smarter banking decisions. Some of the use cases include account integration, payment integration, smart lending decisions, or improving customer experience. API management platforms help banks by providing support for multiple gateways managed from a central plane and the ability to reuse APIs developed by different teams which reduces cycle time.
Micro-services are fine-grained APIs, which need to interact with multiple services if the clients talk to the micro-services directly via methods like HTTP-based REST, Thrift, or gRPC. Without API management, there would be a point-to-point spaghetti architecture. API gateways which are a part of the API management solution help developers easily consume micro-services as managed APIs and also help with managing API traffic.
Data needs to flow from legacy systems to more modern digital channels like web applications, mobile applications, IoT devices, etc. APIs developed in the organization help decouple modern digital channels with legacy apps and facilitate easy communication between these channels.
Retailers and e-commerce companies are now providing APIs for embedding their merchandise in other channels for generating additional revenue. This helps improve the overall customer experience and opens up new channels and networks to engage and convert customers.
There is a huge amount of context and data available on what customers do, what they are buying, how they are paying, etc. Most of these transactions are flowing via APIs and information like geolocation, device transaction, and types of apps can be tracked and analyzed to predict future behavior or provide personalized experiences.