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The Bancorp Calls in Apigee to Improve Business with API Platform

By Steve Anderson
March 31, 2016

The application programming interface (API) delivers a great many benefits for users.  The Bancorp—a banking technology solutions provider that targets non-banking businesses— has demonstrated its understanding of the API's impact by calling in Apigee to put its intelligent API platform for digital businesses to work under its own umbrella.

With Apigee in The Bancorp's corner, it can offer up faster, better, and more secure access to data. Several components make up Apigee's platform, including the Apigee Edge API management system, which gives companies easier access to API management. Also included is Apigee Insights—a predictive analytics tool that can be used on a self-service basis—and Apigee Link, an Internet of Things (IoT) product that allows an easy way to connect smart devices to the wider Internet.

Most recently, the company also brought out a security tool known as Apigee Sense, giving it a protective tool as well.

The Bancorp's move comes at an opportune time, particularly as bank customers are expressing preferences for wider options in larger numbers, based on numbers from the Apigee 2015 Digital Impact Survey. Fifty-eight percent reported preferring a smartphone—or other apps—over going into a bank branch in person. Millennials assented in even wider numbers, with 71 percent preferring digital. Mobile payment systems are also on the rise, as one in four turned to a smartphone for in-store payments, used a non-bank-related financial management app, or made or received a payment via app directly. The daily usage of banking apps was also up, from 14 percent in 2014 to 20 percent in 2015, showing clear gain and rising interest.

APIs will bring plenty of new value to the market as time goes on, and those who want an advance look at where the API market is going need only head for Caesars Palace in Las Vegas from July 18 – 21 for the All About the API event. While there, users will have the opportunity to hear speakers describe the state of the market, network with other developers, and even engage in hackathons at the event designed to bring about some of the change in the market described in speech and network.

The API represents a major new source of progress, particularly as users turn in larger numbers to mobile devices for many common functions. For the banking sector, it's not going to mean the end of bank branches—42 percent still prefer that physical connection, after all—but rather, it will mean an expansion in the number of options available. With an omnichannel experience still front-of-mind for many businesses, APIs are a faster way to bring out experiences in new channels where such may not have been available.

The new connection between Apigee and The Bancorp demonstrates some of the API's potential well. With new services and new channels being supplied, The Bancorp should yield some excellent results backed up by Apigee's product line.

Edited by Stefania Viscusi

Contributing Writer

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