Fueled by consumer demand for more robust and user-friendly financial solutions, fintech is now a force unto itself with API-driven applications at the forefront of the industry. Financial institutions are recognizing the value of this new sector and are now merging with it to create a cross-section of finance and technology, thereby improving their business operations and client interactions. While the demand for newer and better technology is a crucial factor in the success of this new wave of digital financial solutions, it is the simplification of the user experience, both for consumers and developers, that is truly pushing the boundaries of these industries. With turnkey APIs at the ready, integrating and digesting financial data has never been easier.

UX for Developers

Using and incorporating an API should be a straightforward process for developers. When it isn't, the momentum of a product launch may come to a grinding halt, or, worse, the end performance of the API and the quality of UX for consumers is negatively impacted. Ideally, an API should be designed in such a way that any developer would want to use it. With a turnkey integration solution, the developer's user experience is significantly simpler (which means less time to market) than it is with a custom push API.

Understandable and Intuitive

API documentation should be easy to read and understand, allowing users to grasp its content quickly and apply it effectively. Documentation should be understandable and intuitive, utilizing naming conventions that are easy to comprehend, even for developers who have never seen the documentation before. It should also be designed to anticipate the data resulting from each call. Ready-to-use APIs necessarily have these features, making them quick and easy to use, with setup often taking just a few minutes.

Adaptable

The benefits of any API lie in its application and the programs that it connects. APIs must be adaptable and integrable to keep pace with the inevitable changes and improvements that will be required in the future. A turnkey API provides a seamless developer experience while allowing for future implementation of a more agile user interface that requires less code. This system also enables quick and easy customization of integrations.

Standardized

Creating a great API-enabled product doesn't mean reinventing the wheel. Following best practices, an API should lay the groundwork for even better APIs and future integrations. The developer user experience with a turnkey API is instructive as well as standardized, as it establishes the coding foundation on which all subsequent applications will be based. This makes it more than just a communication tool between two data sources. On the other hand, a poor developer user experience can threaten the entire structure of a company, making it vulnerable to competition from more technologically savvy competitors.

UX for Consumers

Consumers are a crucial component of the success of each fintech application. Without them, even the most innovative API-enabled financial solution won't make it past the beta stage. However, an application needs to do more than run in order to gain the loyalty of consumers; it also needs to work well. Turnkey APIs are ideal for creating a personable and user-friendly consumer experience.

Embeddable Account Integration

The best fintech turnkey APIs allow for easy account integration with both web and mobile applications, as well as bank authentication with thousands of banks, brokerages, and credit unions. A top-level user experience will also include vivid graphics and color schemes that showcase the uniqueness and creativity of the brand.

Standardized Login

A great user experience has the right balance of familiarity and innovation. Ready-to-use APIs provide consumers with the ease of logging into the connected platform, just as they would when logging in to their bank or brokerage account. And just like that, important data is pulled into the application, ready to be processed and analyzed for the benefit of the consumer. This simplified procedure goes a long way toward enhancing the user experience.

Multi-Factor Authentication

This issue of security is a valid concern when it comes to personal financial data. However, the most advanced turnkey APIs can easily handle a wide variety of the industry's most common authentication checks. This includes security features ranging from multiple-choice questions and image recognition to CAPTCHAs. With these features in place, consumers know that the application they are using is just as secure as traditional online banking methods.

A personal investment app use case, analyzed by Toptal, found that consumers significantly reduced their signup time when the user experienced turnkey integration, enabling it to scan for consumer personal information and break the signup process into easily digestible steps.

This fits with the idea that successful SaaS providers have a simple onboarding process and an easy-to-navigate UI.

The opportunity for improvement in the banking and financial services sectors helped fuel the birth of fintech. More cutting-edge advances and an increase in consumer demand for improved financial solutions helped turn the nascent industry into a digital movement. With fintech firmly rooted in API-based applications, it is the quality of the user experience, for developers and consumers alike, that will determine the success of each fintech company in the days ahead.