Legacy technology is slowing down the financial services industry. Systems exist today that were built 10, 20, even 30 years ago and they have not adapted to the changing world around them. This is one reason why new technologies are moving to replace them as demand for information, integration, efficiency, and scale continues to engulf financial services technology.
A core solution for these ideas comes in the form of an Application Programming Interface, or “API”. While they are not some magic bullet solution to all things, good APIs efficiently address the demands of the modern markets by supercharging your business to ensure it stays relevant, modern, and affordable.
APIs provide an opportunity for firms to leverage technology to improve efficiencies within their own processes and bring better products to market, all the while providing the retail customer
with the high touch support they expect from their advisors. Smaller and mid sized firms are able to access capabilities of some of the larger institutions by leveraging existing technologies. These APIs can automate the manual burdens of middle and back-office systems and provide timely data flow and information to give the client a better experience.
Click the below to learn more the different types of APIs, how they work, and what they can do for your investment advisory business.