Yahoo Finance API is one of the popular examples of FinTech API that provides access to trending financial data. Developers can use the financial data of Yahoo Finance to create apps using API technology. This personalized application includes pricing alerts, stock buying and selling, financial services, etc.
This is the best API for FinTech businesses, as they can share the majority of financial data over secured apps and through links. Customers will get access to real-time market data with a click. They can go through various markets and securities, including mutual fund options, stock portfolios, interactive trading charts, stock pricing, etc.
It is a one-of-its-kind FinTech API example where you can check for all financial data on the Yahoo Finance website. Users can also access data related to stocks and bonds, cryptocurrencies, regular currencies, fundamental option data, and much more. The best part of using this FinTech API Marketplace is that it is free, quick to set up, simple, secure, and provides a great range of financial data services.
Individuals or startups new in the financial industry or banking sector can use this FinTech API integration to get financial and banking news within a few seconds. You can also use it to provide related financial information to your end users. The Yahoo Finance API is free, but you can pay a small amount if you require the maintenance options.
Source: Algo Trading 101
Studying The Analytical Approach Of APIs in FinTech And Banking Industries
The global API market was $24.7 billion in 2022, and it is expected to reach $217.3 billion by 2032. It will grow at a CAGR of 24.7% between 2023 and 2032. This huge market is regulating the FinTech economy, and companies are using technology consulting to embrace the innovations of the FinTech sector.
The revenue of the FinTech market is already increasing with FinTech providers and FinTech companies making a notable increase of $4.5 trillion from 2023 to $9.2 trillion by 2027. This shows that by leveraging software product engineering solutions and using organized structural methodologies, the FinTech and banking sectors can widely cut down on inefficient development processes.
(Source: https://www.statista.com/statistics/1384016/estimated-revenue-of-global-fintech/)
One of the surveys states that over 75% of the top 100 banks in the world will have the public APIs by 2022. The API banking technology implements significant security protocols and uses advanced encrypted technology to protect customer data. In the coming years, most FinTech API integrations will be seen in more than 25% of companies and banks.
The API-based banking usage will increase in the coming years as per the 88% of the people. Almost 81% of the bank and financial institution heads believe that APIs are an important part of Financial Technology (FinTech). Moreover, many large banks allocate almost 14% of their IT budget to the bank APIs.
Transforming the Banking and FinTech Sectors using APIs
The global FinTech system is ever-changing, with this sector reaching a whopping billion-dollar size in just a few years. This sector has changed remarkably after the pandemic because mobile apps, banking apps, payment processing platforms, etc., collaborate with powerful APIs.
FinTech startups and banking institutions are growing in India to provide efficient financial services to the end-users. These sectors are continuously innovating using modern APIs that automate the whole industry. The customers will get full details regarding their bank accounts, credit card statements, debit card spending, e-wallet expenditures, and more in seconds.
Most industries and banking institutions hire experienced and professional FinTech app developers to create banking apps and platforms to make banking and financial access easier for customers. It helps customers check their bank balance with one click, process a transaction, or receive money from acquaintances.
Benefits of Using APIs in Banking and FinTech Industries
- Automation: The use of FinTech applications helps the customers to get automated replies and adhere to industrial compliances to produce actionable results. These financial apps not only help users to process transactions but also receive financial knowledge.
- Reduce the Overall Development Cost: APIs help reduce overall app development costs and increase app development speed. Access the Banking-as-a-Service platform to speed up the financial elements without debugging the services.
- No Need for Coding: There is no need for huge codes and debugging the platforms because APIs make your work easier. The seamless third-party integration reduces the time to market, and you can launch your banking app without hassle.
- Better Customer Experience: The FinTech app development providers use the APIs to make third-party integration easier and more convenient. It will improve the customer experience because the financial apps will render easy checkout without manually letting the customer feed anything. The best example of this is the tap-and-pay technology. The user has to tap their app or debit/credit card to pay for small transactions.
- Easy Operations: FinTech market provides online banking, mobile banking, wallet services, etc., to customers. API makes the services efficient and fast for the end users. The banking APIs help users securely handle and receive their financial payments through mobile devices. Most fintech app development solutions providers are leveraging the features of banking APIs to customize the banking apps and save customers time and effort.
Partner with the Right FinTech Solution Provider!
APIs have changed how banking apps are developed and provided in the large customer market. Banks and financial institutions use APIs to make financial operations seamless and flexible. You can connect with a professional software product engineering company, Tntra, to get digitally improved apps. We have a team of dedicated experts to handle your personalized requirements.
Call Tntra experts today to discuss your FinTech and Banking API requirements and get a free quote!
This is till the time that you want to make a big purchase like a house or a car and suddenly realize that you do not have enough savings in your account and are not eligible for a loan!
And no, you do not need to do any kind of hard work or number crunching as mobile application like Cleo – an AI based budgeting application will do the heavy lifting for you.The Global Fintech market is predicted to cross $300 billion by 2024.
The mouth-watering proposition of making a fortune in the Fin-tech mobile app sector has prompted many entrepreneurs to think about Fintech app development.
This is because this AI-powered Fintech app is the new poster boy of the Finance & Technology domain.What is Cleo app?Cleo is an artificial intelligence-based financial-technology app that helps the users in accomplishing their budgeting goals.The beautiful thing about Cleo is that when a user asks questions related to their bank accounts and payment details, the AI-enabled chatbot of the app answers the questions in an easy to digest manner.
For example, if a particular user asks how much did he/she spend on clothing past month, then Cleo will send the user a detailed spending report containing the date, transaction time as well as the name of the merchant.Because of the read-only method employed by Cleo, only the user can withdraw money.
To avoid privacy issues, Cleo never saves the credentials of the users on their servers, and they even encrypt sensitive data like transaction history and personal information.Cost to build an AI-based fintech mobile application like CleoThere are many factors based on which the fintech app development cost matters.
Considering Python web development, security is the essential factor of any FinTech application.
Also, its libraries and the data science ecosystem are ideal for Fintech products.
Python development is a quick fix and one-stop solution that answers all your fintech requirements.
Read more: Why Python Is the Best Language to Develop Amazing Fintech Products
