Application Programming Interfaces (API) are revolutionizing business models and the way developers work, providing them more flexibility and the ability to automate system updates and information retrieval, as well as unlocking greater potential through a variety of benefits.

Process automation, easy and simple connection, time savings, accuracy of data supplied by Artificial Intelligence (AI), and less human effort are the five advantages for your company when working with APIs.

Process automation requires no additional explanation; however, we can delve into the scope, since an API allows us to integrate data and services to boost the business’s potential.

In terms of the easy and simple connection, when an API is provided, the content generated is more simply accessible to all individuals involved from any site or application.

The time saved is due to APIs’ capacity to extract and handle enormous amounts of data, tailor the content and services that they use the most, and speed up the data collection process with minimal effort.

Because Machine Learning (ML) considers many more characteristics than traditional statistical models to more precisely forecast customer preferences and behavior, the accuracy of AI-generated data can be relied upon. This translates to the possibility of offering a more tailored credit to each profile.

When it comes to human efforts, these are reduced because working with an API allows you to better review information and facilitate data migration, which adds value and cuts down time spent on a task.

Application

If we make the aforementioned benefits a reality, we can apply them in a specific situation: CRiskCo’s APIs linked to the Tax Administration System (SAT) in Mexico, which allow software to communicate amongst applications to share their activities, standards, and so on.

The procedure is broken down into three steps:

1. A credit application is created.
2. The financial entity connects to the SAT via our API, where data is gathered and a credit risk analysis is generated automatically.
3. The financial entity obtains the results of CRiskCo’s analysis to make the best decision.

As a result, we can claim that an API helps boost your team’s productivity while also optimizing your business, because by utilizing this technology, you avoid performing a series of repetitive or complex tasks, making your work more efficient.

APIs are tools that provide differentiated value to the businesses that use them. Companies that adopt these technologies get a competitive advantage because they can develop more accessible, usable products that satisfy customer expectations in less time and for less money.

Working with APIs also helps your company transform by allowing you to reach an audience that would have been inaccessible if you hadn’t used APIs. CRiskCo APIs allows you to take use of all five benefits.