Big and costly mistakes made with APIs

Caption: 
Randy Heffner, vice president and principal analyst, Forrester

APIs or application programming interface have been in the arsenal of financial institutions for as long as these have been using software to enable business functions. Most organizations are looking at APIs in light of the digital disruption brought about by Fintech startups.

And this is a big mistake!

Randy Heffner, vice president and principal analyst, Forrester, and author of “A Developer's Guide To Forrester's Strategies For API Success” lists out some of the most common, and costly, mistakes organizations face on a regularly basis for any number of reasons chief of which is not understanding what an API is and isn’t.

In this exclusive interview with Fintech Innovation, he notes that one of the biggest mistakes prevailing today is to “think of APIs as a technical thing. The really more important, more impactful, way is to think of APIs as a business strategy investment. They can change how you go to market, including how you reach customers indirectly.

Key points in this interview:

  1. Creating APIs for the sake of APIs is big mistake
  2. APIs have a business purpose
  3. There is no magic in Open Web API
  4. Monetizing APIs by charging people to use them
  5. Product Management 101
  6. Biggest mistake in B2B APIs is not paying enough attention to them
  7. Have a product API strategy – you will appreciate it quickly
  8. Having a API management solution doesn’t solve your API mistakes

He cautions that it is easy to get hung up on talking about APIs as a provider of APIs to the business.

“It is just as important that your API strategy includes you as organization as a consumer of APIs,” suggests Heffner.

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