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A modular approach to delivering a full range of business and financial services means scalability, continuous deployment, and resilient service architecture. The result is the flexibility to meet evolving market needs swiftly and cost-effectively.

In the ever-evolving fintech landscape, the ability to swiftly and cost-efficiently adapt to changing customer demands is paramount. After all, this is one of the driving forces behind why fintech even exists. 

Traditional banking systems, hampered by legacy infrastructure, have struggled to keep pace with the rapid evolution of business customer expectations. In contrast, APIs (Application Programming Interfaces) and microservices have become the cornerstones of fintechs, driving innovation, maintaining agility and allowing them to respond to market needs with remarkable speed and efficiency.  

In 2021, there were 795 million successful API calls performed utilizing banking APIs. In 2023 – 1.13 billion.  

Open Banking

While banks are catching up, actively expanding their API accessibility to enable seamless integration with third-party services – fintechs are still at an advantage. By offering a unified digital platform, business can gather valuable insights into customer behavior and preferences which can inform personalized service offerings and targeted marketing campaigns – and a whole lot more.  

The Flexibility of APIs in Fintech 

APIs are powerful tools that enable different software applications to communicate seamlessly. In the fintech sector, APIs provide the flexibility needed to integrate various services, platforms, and third-party applications, creating a more interconnected and efficient ecosystem. 

Microservices: The Embodiment of Flexibility and Efficiency 

Microservices architecture represents the epitome of flexibility and efficiency in fintech. This architectural style structures applications as a collection of small, independent services, each responsible for a specific function. These services communicate with each other through APIs, ensuring seamless interaction and integration. 

As business customer demands evolve – in part driven by advances in the consumer space - the fintech industry must remain agile and responsive. APIs and microservices provide the technological foundation needed to achieve this agility. By enabling seamless integration, rapid innovation, and cost-efficient development, these technologies are transforming how fintechs operate and compete. 

Find out how Qorbis’s microservice architecture and use of APIs empower our clients