The European financial sector is undergoing a significant transformation driven by two key regulations: the Financial Data Access (FiDA) Regulation and the Data Act. While both promote open data access, they serve distinct purposes.
Continue readingIn der digitalen Transformation spielen APIs (Application Programming Interfaces) eine entscheidende Rolle. Eine API ist eine Schnittstelle, die die Kommunikation und den Datenaustausch zwischen verschiedenen Softwareanwendungen ermöglicht. APIs sind die oft unsichtbaren Helden hinter innovativen Geschäftsmodellen und effizienten Prozessen. Sie ermöglichen es Unternehmen, neue Dienstleistungen zu entwickeln, bestehende Systeme zu integrieren und den Zugang zu Daten zu erleichtern. Mit der bevorstehenden FIDA-Regulierung (Financial Data Access) ist die Freigabe von Daten über bereitgestellte APIs für viele Versicherungsunternehmen und -vermittler sogar bald verpflichtend. Um das volle Potenzial von APIs auszuschöpfen und gleichzeitig die regulatorischen Anforderungen effizient zu erfüllen, ist ein “API als Produkt”-Mindset der entscheidende Erfolgsfaktor.
Der “API als Produkt”-Ansatz bedeutet, dass APIs iterativ konzipiert, entwickelt und verwaltet werden, um den größtmöglichen Nutzen in klar definierten Anwendungsfällen zu bieten. Statt sie rein als technische Schnittstellen zu sehen, werden APIs strategisch geplant und auf die Bedürfnisse der Zielgruppe zugeschnitten. Dieser Ansatz erfordert eine produktorientierte Denkweise über den gesamten Lebenszyklus der API hinweg.
Um diese Schritte optimal pro individueller API zu steuern, kann jede API in einen der vier Anwendungsfälle unterteilt werden:
Traditionell waren alleine die Entwickler für “ihre” APIs verantwortlich. Im “API als Produkt”-Ansatz zeigt sich jedoch zunehmend, dass der Erfolg von der Zusammenarbeit verschiedener Stakeholder abhängt. Entscheidend ist die Einbindung wesentlicher Unternehmensfunktionen. Diese müssen das API-Angebot verstehen, um zum Erfolg beizutragen. Zwei zentrale Funktionen dabei sind:
Weitere Rollen sind unter anderem Procurement, IT-Architekten, Product Owner, Legal, Support-Teams und Compliance, besonders in Hinblick auf FIDA. Die Einbindung aller dieser Stakeholder ist entscheidend für die Effizienz des “API als Produkt”-Modells.
Zusätzlich ist der Aufbau zweier spezialisierter Rollen empfehlenswert. Ein API Product Manager ist verantwortlich für den gesamten Lebenszyklus eines API-Produkts, einschließlich Kundenfeedback und Performance. Er stellt sicher, dass die API den Geschäftszielen entspricht und kontinuierlich verbessert wird. Ein API Program Manager kümmert sich um den Aufbau des kompletten API-Ökosystems, die Befähigung von Teams und die Einhaltung von Governance-Standards.
Für einen iterativen “API als Produkt”-Ansatz entscheidend sind klare KPIs/Kennzahlen absolut entscheidend, um die API iterativ in die richtige Richtung weiterzuentwickeln und zu verbessern. Eine sehr geeignete Kennzahl ist “Time to First Call” (TTFC). Diese Kennzahl definiert sich durch die Zeitspanne zwischen dem erstmaligen Auffinden der API und dem ersten erfolgreichen API Aufruf. Sie kann durch einen simplen Usertest mit einem Entwickler regelmäßig gemessen werden.
Eine kurze TTFC bedeutet:
Insgesamt ist eine kurze TTFC ein starker Indikator für eine hohe Akzeptanz und gute Nutzererfahrung der API. Interessant ist dabei die große Spanne in den Werten des TTFC. Während API-Vorreiter wie Twilio oder Google mit seine Google Maps API Werte unter 15 Minuten erreichen, schaffen viele Unternehmen nur Werte im Bereich von Tagen oder sogar Wochen mit ihren APIs. Entscheidende Faktoren für diese enormen Unterschiede sind dabei das optimierte Auffinden, das Bestellen/Anfordern der API und eine automatisierte Bereitstellung, drei Vorgänge, die zum Beispiel apinity über seine Marketplace Lösung abdeckt.
Konkrete Schritte hin zu einer besseren TTFC sind:
Ein “API als Produkt”-Mindset ist der Schlüssel, um das volle Potenzial von APIs zu nutzen. Durch die klare Definition des geschäftlichen Nutzens und der Anwendungsfälle sowie die Einbindung aller relevanten Stakeholder können Unternehmen ihre APIs optimieren. Die Time to First Call als Kennzahl hilft dabei, den aktuellen Stand zu bewerten und kontinuierliche Verbesserungen vorzunehmen. Die Regularien FIDA und DORA machen das Anbieten von APIs und einen effizienten Umgang mit APIs zu einer Notwendigkeit für jedes Versicherungsunternehmen.
Für Unternehmen, die Unterstützung bei der Konzeption und dem Aufbau von internen und externen API-Marktplätzen sowie API-Portalen suchen, bietet apinity.io maßgeschneiderte Lösungen an.
Autor: Fabian Kolbe, Senior Solution Engineer, apinity
Dieser Artikel wurde im Versicherungsforen-Themendossier Nr. 19/2024 veröffentlicht.
In digital transformation, APIs (Application Programming Interfaces) play a crucial role. An API is an interface that enables communication and data exchange between different software applications. APIs are often the invisible heroes behind innovative business models and efficient processes. They allow companies to develop new services, integrate existing systems, and facilitate access to data. With the upcoming FIDA regulation (Financial Data Access), the release of data via provided APIs will soon be mandatory for many insurance companies and intermediaries. To fully harness the potential of APIs while efficiently meeting regulatory requirements, adopting an “API as a Product” mindset is the key to success.
The “API as a Product” approach means that APIs are designed, developed, and managed iteratively to provide maximum value in clearly defined use cases. Instead of viewing them purely as technical interfaces, APIs are strategically planned and tailored to the needs of the target audience. This approach requires a product-oriented mindset throughout the entire lifecycle of the API.
To optimally manage each API step-by-step, every API can be categorized into one of four use cases:
Traditionally, developers were solely responsible for “their” APIs. However, the “API as a Product” approach shows that success increasingly depends on the collaboration of various stakeholders. The integration of essential corporate functions is crucial to understanding and contributing to the success of the API offering. Two key functions are:
Other roles include Procurement, IT Architects, Product Owners, Legal, Support Teams, and Compliance, especially in light of FIDA. Involving all these stakeholders is essential for the efficiency of the “API as a Product” model.
Additionally, building two specialized roles is recommended. An API Product Manager is responsible for the entire lifecycle of an API product, including customer feedback and performance. They ensure that the API aligns with business objectives and is continuously improved. An API Program Manager oversees the development of the entire API ecosystem, empowers teams, and ensures adherence to governance standards.
For an iterative “API as a Product” approach, clear KPIs (Key Performance Indicators) are crucial for iteratively developing and improving the API in the right direction. A highly relevant metric is Time to First Call (TTFC). This measures the time between discovering the API and making the first successful API call. It can be measured regularly through simple user tests with a developer.
A short TTFC indicates:
Overall, a short TTFC is a strong indicator of high acceptance and a good user experience with the API. Interestingly, the range of TTFC values varies widely. While API leaders like Twilio or Google’s Google Maps API achieve values below 15 minutes, many companies take days or even weeks. Key factors driving these differences are optimized API discovery, ordering/requesting the API, and automated provisioning—three processes covered by apinity’s marketplace solution.
An “API as a Product” mindset is key to unlocking the full potential of APIs. By clearly defining the business value and use cases and involving all relevant stakeholders, companies can optimize their APIs. The Time to First Call metric helps assess the current state and drive continuous improvement. Regulations like FIDA and DORA make providing APIs and managing them efficiently a necessity for every insurance company. For businesses seeking support in designing and building internal and external API marketplaces and portals, apinity.io offers tailored solutions.
Author: Fabian Kolbe, Senior Solution Engineer, apinity
This article was originally published in German in the Versicherungsforen-Themendossier Nr. 19/2924.
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The insurance industry, once characterized by its traditional, agent-driven model, is undergoing a profound transformation.
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In a significant nod to innovation in the API technology landscape, apinity has been named among the “Top 100 Startups to Watch in 2024” by the Digital Insurance Agenda (DIA). This recognition highlights our commitment to revolutionizing API integration and management in the insurance and finance sectors.
At apinity, we redefine API management by offering tailored solutions that align perfectly with the evolving needs of the insurance and finance sectors. Our platform simplifies API integration, ensuring seamless data flow and real-time processing capabilities. With a strong focus on data security and regulatory compliance, our solutions are designed to be both scalable and adaptable, catering to the dynamic requirements of these industries. Our commitment extends beyond technology, as we provide expert consultation to navigate the complexities of digital transformation, ensuring our clients are always at the forefront of innovation.
DIA’s recognition is a prestigious honor in the digital insurance and finance world, underscoring the impact and relevance of apinity’s solutions. This accolade from DIA, a leader in digital insurance insights, validates our approach to making API technology accessible and integral to businesses globally.
Being named by DIA as a startup to watch propels us forward. It strengthens our resolve to continue innovating and expanding the boundaries of API technology. We are dedicated to providing solutions that not only address current industry needs but also equip our clients for future digital challenges.
Discover the cutting-edge world of apinity. Our solutions cater to businesses seeking efficient API integrations and those curious about the evolving role of APIs in digital insurance and finance. Stay connected with us for more insights and updates on our journey in the API sector.
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As we approach 2024, the insurance and finance sectors stand on the brink of a digital revolution, largely driven by the evolution of APIs. This transformation is not just about technology; it’s about redefining customer experiences, streamlining operations, and fostering innovative financial products and services.
In essence, API management is not just adapting in 2024; it’s leading the charge in creating a safer, more integrated digital future.
The trend towards standardizing API security across industries is simplifying adherence to best practices, fostering a more secure digital landscape. As new threats arise, they are met with cutting-edge security innovations, ensuring that APIs remain robust and reliable conduits in our increasingly interconnected world.
Heading into 2024, the field of API management is evolving significantly, with a focus on federated API management and the strategic use of multi-gateways. This shift is a response to the complex and varied digital environments of today’s world, offering a more unified and efficient way to manage APIs across distributed systems and microservices.
Particularly for medium-sized and large enterprises, which often use more than one gateway, this approach is crucial. It provides a scalable solution for managing extensive API networks and adds unique value through integrated marketplace platforms. Federated API management with multi-gateways is set to redefine API operations, ensuring streamlined and effective management in the digital landscape.
The focus on API security is intensifying, with organizations taking proactive steps to shield their APIs from abuse. This enhanced focus is not only about implementing traditional security measures; it’s about innovating with tools like rate limiting and behavior analysis. These techniques are becoming vital in detecting and mitigating abusive access, ensuring that APIs remain robust conduits of digital interaction rather than vulnerabilities.
Perhaps the most intriguing aspect as we peer into the future is the emergence of new threats. These evolving threats are not just challenges; they’re catalysts for ongoing innovation in security technologies. As malicious actors devise new ways to exploit digital systems, the API community is pushed to continuously innovate, creating advanced security solutions for API privacy and data protection. This relentless cycle of challenge and innovation is what keeps the digital ecosystem dynamic and secure.
The API landscape is rapidly evolving, with a significant shift towards serverless architectures and Function-as-a-Service (FaaS) for more efficient and scalable solutions. This change is supported by the growing adoption of microservices and containerization technologies, fostering flexible and adaptable systems.
APIs are increasingly integrated with edge computing and IoT, while AI and machine learning are elevating their capabilities. The shift towards hybrid and multi-cloud strategies is allowing more flexible deployments, and the emergence of innovative monetization models is opening new revenue avenues.
Innovative monetization models are reshaping the API landscape by introducing direct and indirect revenue strategies. Direct monetization involves charging for API usage through subscriptions or pay-per-use models, making it straightforward for companies whose primary offerings are APIs. Indirect monetization, conversely, generates revenue through related services or products, often offering the API for free to encourage platform adoption and monetizing other aspects of the service. Learn more about indirect monetization here.
These models are driving creative and value-driven API development, focusing not just on revenue, but on delivering genuine user value. Parallel to these developments is a growing emphasis on sustainable and eco-friendly API practices, reflecting a commitment to environmental responsibility in tech. This dual focus on innovative monetization and sustainability is leading to more responsible and user-centric API development.
Particularly for medium-sized and large enterprises, which often use more than one gateway, this approach is crucial. It provides a scalable solution for managing extensive API networks and adds unique value through integrated marketplace platforms. Federated API management with multi-gateways is set to redefine API operations, ensuring streamlined and effective management in the digital landscape.
APIs are increasingly being integrated with edge computing and IoT devices, opening new frontiers in real-time data processing and interaction. Simultaneously, AI and machine learning are becoming integral to API architectures, leading to smarter, more responsive systems.
Enhancements in mobile API experiences, particularly with the rollout of 5G technology, are set to revolutionize mobile interactions, promising faster, more reliable, and dynamic user experiences.
By 2024, API-powered data insights are set to transform decisively, with real-time data processing and advanced analytics becoming mainstream. The integration of machine learning will offer deeper, predictive insights, making data more accessible across organizational levels.
Customization will enable tailored analyses for specific business needs, while improved scalability will allow APIs to adapt to changing data demands. Security will also be a top priority, ensuring data integrity and compliance in a rapidly evolving digital landscape. Overall, these developments will significantly enhance decision-making efficiency and intelligence in businesses.
The API-driven developer experience is expected to become more intuitive and efficient. Emphasis will be on creating user-friendly APIs with clear documentation and supportive tools, simplifying integration and usage.
AI and machine learning will play a key role in automating routine tasks and providing intelligent assistance. Customization and flexibility will also be enhanced, allowing developers to easily tailor APIs to specific project needs. Overall, these improvements will streamline software development, making it faster and more effective.
AI is playing a pivotal role in the world of API development, driving advancements and innovations across various domains. APIs are being endowed with advanced personalization capabilities, thanks to sophisticated AI algorithms, allowing for a more tailored and intuitive user experience. This is complemented by improved predictive analytics, which are providing businesses with more accurate and insightful data, enabling better decision-making.
Additionally, AI is playing a crucial role in ensuring regulatory compliance, especially in complex and highly regulated industries, helping organizations navigate the intricate web of legal and regulatory requirements.
In 2024, AI-enhanced API automation is expected to significantly elevate API efficiency and functionality. With AI algorithms automating complex tasks like optimization and error handling, APIs will become more reliable and self-adaptive. This advancement will reduce maintenance needs, save costs, and enhance user experiences by providing more personalized and context-aware responses. Essentially, AI’s integration with API automation will lead to more agile and intelligent digital solutions, playing a crucial role in the evolution of digital ecosystems.
These models are driving creative and value-driven API development, focusing not just on revenue, but on delivering genuine user value. Parallel to these developments is a growing emphasis on sustainable and eco-friendly API practices, reflecting a commitment to environmental responsibility in tech. This dual focus on innovative monetization and sustainability is leading to more responsible and user-centric API development.
Particularly for medium-sized and large enterprises, which often use more than one gateway, this approach is crucial. It provides a scalable solution for managing extensive API networks and adds unique value through integrated marketplace platforms. Federated API management with multi-gateways is set to redefine API operations, ensuring streamlined and effective management in the digital landscape.
AI-powered API personalization is expected to bring a new level of user-centric experiences to digital services. Leveraging advanced AI, these APIs will tailor interactions to individual preferences and behaviors, offering unprecedented personalization. This will enhance user engagement and satisfaction across various platforms, setting a new standard in customer-business interactions and significantly boosting loyalty and user engagement.
Enhancements in mobile API experiences, particularly with the rollout of 5G technology, are set to revolutionize mobile interactions, promising faster, more reliable, and dynamic user experiences.
AI-driven API security is poised to become a cornerstone of digital safety. With AI’s ability to analyze patterns and detect anomalies, APIs will be better equipped to identify and mitigate potential threats in real-time. This development means a significant enhancement in preventing data breaches and unauthorized access, making API interactions more secure and trustworthy. As cyber threats evolve, AI’s role in API security will be crucial in adapting to and neutralizing these new challenges, ensuring a safer digital environment for businesses and users alike.
Customization will enable tailored analyses for specific business needs, while improved scalability will allow APIs to adapt to changing data demands. Security will also be a top priority, ensuring data integrity and compliance in a rapidly evolving digital landscape. Overall, these developments will significantly enhance decision-making efficiency and intelligence in businesses.
As we move further into the digital age, the necessity for seamless digital integration across various platforms and services is becoming increasingly evident. This growing need is set to spur widespread adoption of APIs, which act as the building blocks for interconnected digital experiences.
More businesses are expected to embrace an API-first development approach, recognizing the pivotal role of APIs in crafting scalable and flexible systems. This approach not only streamlines software development but also ensures long-term adaptability.
The demand for software sovereignty is escalating in 2024, emphasizing control over data flows and adherence to data sovereignty laws like GDPR. This trend is driving the adoption of APIs that securely manage data across different jurisdictions. APIs are becoming crucial for organizations to comply with regional data protection regulations while maintaining global operations. This shift is not only about legal compliance but also about building customer trust in an era where data privacy is paramount. As a result, APIs enabling secure, compliant data management across borders are set to become a key component in global digital strategies, underscoring the growing significance of software sovereignty.
Another significant development is the rise of cross-industry collaboration facilitated by open APIs. These open interfaces are breaking down traditional industry silos, fostering innovative business models and partnerships. Through open APIs, companies from diverse sectors can easily share data and functionalities, leading to synergies that drive innovation and create new value for stakeholders.
In 2024, there is an emerging focus on developing sustainable and efficient APIs. This reflects a growing consciousness in the tech industry about environmental responsibility and the need for eco-friendly technological solutions. By optimizing resource usage and reducing digital waste, APIs are becoming a key component in the drive towards sustainability in technology.
The Financial Data Access (FIDA) framework, as proposed by the European Commission, is expected to bring significant changes in the way financial data is shared and used in the European financial sector by 2024.
Beginning in early 2024, and after releasing the legislative proposal, financial sector companies should be prepared to engage with the Financial Data Access (FIDA) framework. This preparation involves not just legal compliance but also technological readiness, especially in terms of developing or integrating APIs for secure access to customer financial data. The focus on technological adaptation is essential for complying with FIDA’s requirements and leveraging the opportunities it presents in data-driven financial services.
FIDA extends beyond the current PSD2 scope, covering a wide range of customer financial data held by financial institutions, including mortgages, loans, investments, and insurance products, while excluding sensitive data like health and life insurance information.
Consumers and SMEs will be able to authorize third parties to access and use their financial data. New entities, such as Financial Information Service Providers (FISPs), will be introduced, who can access customers’ data for providing financial services.
FDSS will play a crucial role in governing access to customer data, setting common data sharing standards, and resolving disputes. These schemes aim to facilitate compliance with FIDA and ensure efficient data sharing within the financial sector.
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