Industry Vertical: Financial Services
Whether it's payment companies serving retailers or Wall Street banks trading stocks, the financial sector uses APIs to deliver services seamlessly. What's top of mind, API-wise, for this industry?
Financial services as API power users
Paypal and Stripe were among the top 10 most-forked collections on Postman's Public API Network last year. And in Postman's 2023 State of the API Report, over 4,200 survey takers from financial services weighed in. That makes the sector the third-biggest participant after technology and business/IT services.
We wanted to know what was uniquely important to financial services. Below, we've called out five areas where the sector stands out from others when it comes to API usage and priorities.
APIs and monetization
APIs are a money-maker. Twenty percent of respondents in financial services say APIs generate over half of their company's total revenue, a bigger percentage than any other sector.
Serious about security
Financial service professionals value security: more than respondents from any other sector. Almost three-fourths of financial service respondents rank security as the top consideration when deciding whether to integrate with an API.
Financial services is the sector likeliest to boost its API investments over the next 12 months: 50% of financial service respondents forecast an increase.
Too many microservices
Managing too many microservices is a bigger problem in financial services than other sectors: 27% of financial service respondents cite this as an obstacle to producing APIs, more than in any other sector.
A focus on APIs
Financial services spends more of its development time working with APIs than other industries: 57% of financial service respondents said a majority of their company's development efforts are devoted to APIs.
Postman can help
Postman has solutions for financial services, from API-first to security, governance, and microservices.
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 Guidelines and rules live on the same platform where developers are designing, building, testing, and deploying APIs.
Postman Live Insights
Automatically discover and monitor production APIs. No code changes or SDKs required, making the task super simple.