API technology is the latest and greatest buzz for financial institutions. This simple architecture offers banks and credit unions a faster way to implement user experiences and features their account holders demand – for less than building the technology from scratch.
But, while Fintech partners leveraging APIs are an excellent resource, there are businesses popping up everywhere to take advantage of this new wave of fast-paced financial innovation. And, with rampant cybercrime and growing digital regulations, it’s prudent for any institution to fully vet every possible option before moving forward.
Here are three things to seriously consider before moving forward with an API partner for your financial institution.
Is it flexible AND scalable?
Just because technology can meet your needs right NOW doesn’t mean it can cut the mustard later. What if it’s so cool that your institution suddenly explodes with new account holders, and they start regularly crashing the system because the new tech can’t keep up?
Any API partner needs to have packages and/or proven records that show they have tested and proven they can handle the possibility of success. For instance, the Wave 2 Branch and ATM Locator is designed with a flexible interface that integrates with a range of mobile platforms to fit across digital platforms. In addition, its cloud-based backend is equipped to handle high-level use by multiple current and potential account holders (meeting or exceeding 99.95% SLAs)– providing them with accurate imagery and information quickly and efficiently.
Customized integration and collaboration are a must.
Many of today’s financial APIs will be a one-size-fits-all solution. Businesses are building these things fast to take advantage of the market and, too often, that speed shows in the delivery. It doesn’t help that online testimonials are increasingly falsified.
As with any vendor, banks and credit unions should do a deep dive into their API vendor testimonials to make sure partners are truly satisfied and the individual needs of each institution have been met. Fortunately, today’s fintech tends to be on the front end of an institution’s website or mobile app. So, after verifying that another bank or credit union is using the technology, it’s easy to see how it looks and works.
Wave 2, for instance, has gone above and beyond for financial institution partners – offering integrations with partners like OMNICOMMANDER and many others, and also contributing the location search and mapping platform for public service programs like “Opportunity Knock$”.
Security is essential.
Banks and credit unions deal with sensitive consumer data and transactions every minute of every day. So, it’s hardly surprising that the regulators are so strict about making sure that information stays protected. As such, any API partner needs to be thoroughly vetted for robust security measures, encryption, and other data protection measures.
The Wave 2 Branch and ATM locator takes extra steps to make sure partner data is secured. First, the website integration is accomplished using a one-line script that automatically generates its own mobile-responsive and ADA-accessible interactive experience contained in an iframe. This iframe acts as a security “sandbox”, isolating everything in the locator from anything else in the institution’s user environment. No data can get in and nothing gets out.
The mobile integration follows a similar process, using a “WebView” integration to deliver a securely isolated application environment that protects privacy and separates the locator from all sensitive information and contentment while still delivering a great user experience that looks and feels like it is native to the app.
Some additional steps the Wave 2 Locator takes to ensure partner security include, but are not limited to:
- No capture of personally identifiable information. Rather, the locator captures aggregate user behavior and search data to provide insightful reporting.
- Hosting in Microsoft Azure Cloud with built-in privacy and security with PCI-compliant 256-bit encryption and storage.
- Industry-leading, multi-level cloud infrastructure.
How do I make sure it’s the right vendor?
Unfortunately, we have to treat API partners the same as any other partner – with all of the due diligence, fact-checking, and paperwork that entails. Even down to the phone calls to make sure testimonials are real.
But the good news is that, once all the annoying boxes are checked, implementation is WAY faster. Even better, you spent all your time and energy on making sure your API partner can keep up with the massive amount of use your new UI experience is going to generate.
Ready to see what a fully vetted, super-secure, and yet amazingly interactive branch and ATM locator can do for your financial institution? Discover how Wave2’s locator system and APIs can benefit your financial institution today!
Jason Green, Co-Founder
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