Global organisations know that integrations can be complex, costly and time-consuming.
Whereas integration is about facilitating interaction between two machines or systems over a network, API acts as an interface between two applications, ensuring they can interact with each other smoothly.
Leveraging an open architecture refers to the seamless connectivity that allows organisations to automate business processes and enhance the sharing and embedding of data between various applications.
APIs help to create a seamless network that increases visibility and control over integrations with improved implementation time to build best-of-breed ecosystem along with a rapid integration of products delivered by different vendors into a single business system.
There are mutual advantages of adopting an open API architecture, since the firm can deliver additional services to its customers, while the service-provider can profit of an increased usage of its APIs.
Moreover, bridges between business and IT departments are alleviated, avoiding duplication of functions and business processes between different applications, enabling rapid component integration and simplifying complex changes.
Therefore, a successful API strategy could bring many benefits:
- Creating new revenue streams, through API monetisation opportunities and generating new business to attract new customers
- Encouraging innovation, quickly launching new digital services thanks to the integration with a wide network of partners
- Ensuring faster time-to-market for new services and products and decreasing architectural coupling, for a more flexible and scalable platform that improves agility
- Embracing the connected customer and improving customer satisfaction, by adding value-added services
- Capturing more customer data, allowing to obtain better insights to facilitate cross-selling and up-selling
But at the same time APIs should be well supported by developer portals with a detailed documentation (e.g. through Swagger) where API consumers can discover them, learn how to use, request access, and try them out.
Furthermore, they should be carefully monitored to test connectivity, response, and performance, to make sure the application is stable, scalable and performs consistently as expected with optimal resource utilisation and, if necessary, finely tuned or quickly changed upon need.
In such a way you can be in control of your integrations, no matter if the integration is done by the customer or a partner, leveraging open APIs to make your system better.
About ObjectWay
Founded in 1990, Objectway Group is a leading provider of investment management and digital software solutions to the worldwide financial services industry. Our omni-channel, omni-device software platform supports the rapidly advancing digital revolution within the wealth and investment management segment.
Under the direction of CEO and founder Luigi Marciano, Objectway has seen steady growth since its inception, both organically and through strategic acquisitions, with revenues topping 60 million euros in fiscal year 2015. Our awarding-winning platform is the trusted choice of leading wealth and investment firms across the globe from EMEA to Canada to Central America.
From offices in Italy, Belgium, the UK, Ireland and South Africa, Objectway's roughly 500 employees support more than 100,000 investment professionals in 15 countries, who manage more than one trillion euros in wealth. For more than 25 years, we've kept our focus on a single vision: combining advanced technology with a deep understanding of business needs to help our clients reshape their wealth management services.
