APIs are the path of the future, whether for credit unions, healthcare solution providers, or any enterprise looking to support member-centric experiences. But the road forward is not just about API adoption. It’s also about how companies manage these business assets that impact digital transformation.
To this end, many companies have already decided to invest in an API management platform. By assessing the current state of your API maturity, you can determine whether your business would also benefit from such a solution.
01 You’re building APIs in an ad hoc manner
APIs are often treated as the flavor of the week. With teams moving fast to build APIs that address immediate needs, their development doesn’t always follow a consistent, standardized approach.
Without governance, APIs are more prone to interoperability issues, security risks, and scalability limitations. They also become more expensive to build, with some APIs taking weeks to develop and others taking months to create.
02 You’re building APIs for one-time use
Businesses should treat APIs as the building blocks of digital innovation. Yet many developers have to create similar APIs repeatedly for different projects.
While duplicated efforts use valuable time and resources, they also impact service delivery. Developing new APIs from scratch makes it harder for companies to keep up with changing needs and slows down time to market
03 You don’t have a standard API security approach
Security vulnerabilities are often the biggest concern for information security officers. When APIs lack consistent security protocols, these business assets are more susceptible to unauthorized access and costly data breaches.
While leading to more gaps to exploit, inconsistent API security measures also create more work for IT and security teams. Without a standardized, unified framework, monitoring and managing security grows increasingly complex.
04 You’re struggling to display API business value
Justifying a continued investment in API development requires clear metrics and insights. However, companies don’t always have the visibility to communicate the value of these digital assets to business leaders.
Nearly half of decision-makers agreed in a recent API maturity survey that they needed stronger alignment between IT and line of business to reach common success with API programs. Misalignment can diminish support and funding for new development, as the role of APIs in business growth is less well-defined.
05 You lack visibility into the performance of APIs
Understanding the value of APIs means monitoring performance closely. Businesses need to know their actual API usage, from the number of API transactions to API calls, so they can make informed decisions.
Monitoring performance is also an important step before charging for API services. It becomes a helpful talking point for API monetization, which can be a powerful driver for new revenue streams and continued growth.
Learn how one credit union is advancing its digital efforts with an API management platform.
