Application Programming Interface (API) has carved a path for the emergence of new services by providing collaboration between applications and databases of one or more companies. Despite the innovation, APIs have also evolved customer-company relationship that allows providing accurate information and providing a quality customer experience which accounts for the capabilities of the product. The customer relationship channels have increased their consumers who can interact with their brands via stores, voice, email, mobile applications, and chatbots. There are multiple points of interactions used by customers, which forces companies to consider communication through many channels to deliver the seamless customer experience. To have a unified communication, the data has to be synchronized from one channel to another and be cross-checked they are related to the same brand.
APIs act as a bridge between the digital and physical world. APIs allow organizations to work with data in a systematic way and in real-time. Many companies treat their regular customers as new and like they have never interacted before. It is easy to reappear for the regular requests or to trace the history of the previous interactions happened, which would not damage the customer relationship. To provide relevant information to the account managers during the interactions, companies have to deliver a seamless and consistent solution that meets the requirements through real-time analysis which allows the companies to have guidance on the next action to reach clients expectations. With data collected using AI, instance analysis can be made to offer increased loyalty and economic performance of the companies.
One of the new trends is to allow consumers to control data, after new regulations like the European Payment Services Directive (PSD2) and GDPR came into existence in May 2018. Consumers will have control over their personal data with abilities like request, delete or share specific data with other organizations over the network. PSD2 enabled to manage the bank account or issue payments through an application that is not necessarily of the same bank. APIs provide companies to offer a dedicated portal to consumers which enable them to manage data autonomously and provide innovative payment services.
APIs act as gateways between companies and business data and provide the answers that meet the needs of customers and offer better customer experience, evidently increasing a business’s profits. Many companies are yet to understand the importance of including API in their digital transformation strategy. They need to start using APIs to establish a better link between data and customer experience.