Which Industries Can Use Standardization API?

With digital transformation becoming a core focus for most companies in every industry, APIs are being implemented by nearly all organizations. They are being used to fulfill internal business needs, meet customer expectations, and ensure compliance with regulatory standards. Whether you’re a financial services company, government entity, telecommunications provider, or manufacturer, you’ll need to consider the benefits of standardized APIs to stay competitive.

A modern shift toward open banking means that customers are expecting financial institutions to easily communicate with each other. Instead of copy-and-pasting routing numbers or hacking together a tiny deposit, they expect to simply connect their investment account with their bank. This has been made possible through standardized APIs (like those served by Plaid) that make it easier to securely and instantly transfer money between different accounts.

Another industry that is making the most of standardized APIs is healthcare. Standardized APIs allow doctors and pharmacists to share information with each other quickly and easily. This is essential to providing the best possible care to patients, enabling them to have a complete picture of their health and wellness, and to identify any potential issues that may arise.

APIs are also being used to drive smarter production processes in the manufacturing sector, and improve their overall efficiency through data access, integration, and real-time monitoring. This is an area where smaller businesses can leverage the power of standardized APIs to compete with their larger rivals and grow their customer base, build innovative solutions for emerging markets, and attract new talent.