Industry Vertical: Financial Services

Whether it’s fintech startups serving customers or Wall Street banks trading stocks, the financial sector uses APIs to deliver services seamlessly. Much is at stake: the sector generates over 7% of U.S. GDP. What’s top of mind, API-wise, for this massive industry?

Hero financial services. Illustration.

Postmanaut looking at financial services chart. Illustration.

Financial services as API power users

Stripe and PayPal’s public APIs are two of the 10 most used on Postman’s Public API Network. And in Postman’s 2022 State of the API Report, over 4,100 people from financial services weighed in. That makes the sector the third-biggest survey respondent after tech and business/IT services.

We wanted to know what was uniquely important to financial services. Below, we’ve called out six areas where the sector stands out from others when it comes to API usage and concerns.


API-focused

Financial services respondents are likeliest to say most of their company’s development effort is spent working with APIs: 58% of financial service respondents say a majority of development efforts are devoted to APIs. That compares with 51% of all respondents who reported that.

All sectors: 51%
Technology: 53%
Financial services: 58%
Retail: 49%

First in API-first

Financial services is the API-first leader: 10% of respondents in financial services rate their organization a 9 or 10 out of 10 when it comes to embracing an API-first approach. That’s a higher percentage than any other sector. The average figure is 8%.

All sectors: 8%
Healthcare: 6%
Financial services: 10%
Government: 4%

Increased investment

Financial services is the sector most likely to predict an increase in API investments over the next 12 months: 60% of financial service respondents forecast an increase versus 53% for respondents overall.

All sectors: 53%
Financial services: 60%
Technology: 55%
Retail: 51%

Serious about security

Financial service professionals value security more than respondents from other sectors: 65% percent of professionals in financial services say that the security of applications and information is a top priority for their company. Across all industries, just 54% ranked security as a top priority.

All sectors: 54%
Healthcare: 58%
Retail: 48%
Financial services: 65%

Good governance

Improving organizational security and IT governance is especially important in financial services. Forty percent said this was a top factor when deciding whether to produce an API, compared with 34% for all sectors. Similar disparities were seen when asked about factors in deciding whether to consume an API.

All sectors: 34%
Financial services: 40%
Automotive: 31%
Business/IT services: 36%

Many microservices

Managing too many microservices is a bigger problem in financial services than in any other sector: 31% of financial service respondents cite this as an obstacle to producing APIs, more than in any other sector. The average figure is 28%, and few sectors deviated from that figure.

All sectors: 28%
Financial services: 31%
Technology: 30%
Healthcare: 25%

Postman can help

Postman has solutions for financial services, from API-first to security, governance, and microservices.

Partner Workspaces

Organizations can invite internal and external partners to work on building products and services in a space that is shared, secure, and controlled.

Private API Network

This central catalog of internal APIs supports versioning, which helps you control and manage multiple versions of your APIs in the network.

API Security

API Guidelines and rules live on the same platform where developers are designing, building, testing, and deploying APIs.

API Governance

Teams know governance guidelines before they start work, ensuring APIs are high quality, consistent, and well integrated.