Financial Services Increasing Focus on Outward-Bound APIs
Developers working in the financial services industry are twice as likely to be working on partner-facing APIs in 2021 as compared to a year ago according to RapidAPI’s 2021 Developer Survey. Overall, 74% work on APIs that are only for internal company usage, 49% work on third-party APIs that are subscribed to, and 44% work on partner-facing APIs that the company exposes to others.
Each type of API has its own requirements for API management, documentation, testing and security. Developers working on APIs also have to manage internal expectations that APIs are going to be used to generate revenue as 41% of organizations are now monetizing APIs, up from 34% in 2020.