Introduction to APIs in Fintech and Banking

It’s been said that the simplest solution is almost always the best and when it comes to APIs, this aptly applies. Banks and fintechs can use APIs such as SMS and chat apps to their advantage, without building additional software from scratch.

SMS APIs for greater trust and security

Given the average UK person opens SMS messages in less than 3 minutes and 64% of UK consumers have outrightly stated that businesses should use SMS more often, SMS APIs could be the missing piece of the puzzle that establishes a connection between banks and their customers - with ease, with security and with cost-effectiveness.

Being a reliable channel for authentication, SMS is heavily relied upon for one-time passwords (OTPs). However, SMS can also be used by financial providers in other ways - SMS can help shorten the sign up process by eliminating the need for lengthy sign up sheets and when combined with surveys, forms, and QR codes, SMS is a valuable tool for improving customer relations.

Learn more about 8x8 SMS API

Chat App APIs for more authentic conversations

While SMS is great for authenticating transactions, two-way conversations are rare. Chat apps are where people hold back-and-forth exchanges.

By being available on chat apps, UK banks and fintechs will make it easier for customers to make queries on sign up processes, transaction methods, investments, and other services without the hassle of navigating through unfamiliar webpages. Chat apps also make it far easier for customer service agents to send over rich content such as product brochures that would otherwise get buried in inboxes if sent via the more traditional eDM route.

Learn more about 8x8 Chat Apps API

When you complement Chat Apps API with 8x8 Converse (or your own existing CRM platform), your customer service agents will be able to view conversations with customers across six different chat apps, including the widely used WhatsApp and Facebook Messenger that have 40.41 million and 36.53 million users in the UK respectively, from a single dashboard. That means your agents will be armed to reply to each query in context with access to full chat histories across different channels.

Bring the bank branch to your customers with video

Not every customer is comfortable with handing their personal data to customer service agents whom they can’t put a face to. Video services meet these customers in a happy middle by bringing human interactivity in a remote setting.

Opening up video channels with 8x8’s Jitsi as a Service (JaaS) will allow customers who cannot travel down to physical branches, solve their problems in real time with the click of a link. Unlike other video conferencing tools that require cumbersome sign up procedures or downloads, JaaS conferencing rooms are completely web-based - once your customers click your link, you’ll both be connected.

Learn more about 8x8 JaaS

These channels provide customers with an avenue to voice their concerns and frustrations thereby granting banks an opportunity to address these concerns with tailored recommendations. The cherry on top is that financial providers can use this tool to build rapport with their customers while keeping their branding visible thanks to 8x8’s customisable window design. Other features include annotation, photo capture, remote camera control, recording and integrated chat.