APIs have been around in the technology space for more than a decade but some companies have only started embracing them in the last few years. There has been a need for specialized skills to transform the legacy product suites of many companies and leapfrog them into the digital age. Roles like API evangelist and API strategist have been created to facilitate transformation across different sectors including fintech. Companies are investing heavily to kickstart, revive, and/or accelerate their investments to have a robust API program. APIs became even more relevant during the COVID-19 era as employees were unable to access custom software solutions remotely, forcing vendors to provide the same information on-demand through solutions like APIs.

 

“APIs became even more relevant during the COVID-19 era as employees were unable to access custom software solutions remotely.”

 

Having an in-house API program allows companies to disrupt rapidly and drive revenues in the long run. One of the pitfalls to avoid while establishing an API program is to contract out the initial work to third-party firms that specialize in packaging and releasing APIs. Though this strategy works in getting the program off the ground, it often results in a sub-standard API experience in the long run as there isn't enough knowledge within the employee base to support and enhance the developer experience.

 

There are three stages to incubating an API program: awareness, implementation, and go-to-market. The awareness stage begins with development teams starting to unlearn some of the traditional development practices and embracing the API lifecycle.