Financial APIs Have Seen Two Growth Spikes

Editor's note: Be sure to check out our research on the overall growth of Web APIs since 2005. At the time of writing, this is the most recent data we have, but check the research page to see if we have a more updated article. We will be continually updating the growth chart.

A few months back we took a look at the fastest growing API categories of the last few years. Included in that group were the Financial and Payments categories. From an editorial standpoint this isn't surprising given the amount of new API releases within those categories that we see on a weekly basis. Just recently in fact, a reader asked us about the growth of APIs related to Financial Services.This was yet another signal of the interest in the category so we decided to take a deeper look this month.

The first thing we did was to consider what categories aligned most closely with Financial Services. From the categories vocabulary within the central taxonomy that cuts across all of the content we publish on ProgrammableWeb, we settled on the Financial, Payments, Banking and Monetization categories to capture the APIs in this space as fully as possible.

Chart: Growth in Financial APIs since 2005

We can see from the graph that there have been two points when growth took off; 2012 and 2016. The first matches up well with the overall growth we saw in our directory around 2012. The second one took place last year and deserves a closer look. A few months back we looked at the most popular API categories, including the Financial and Payments categories. At the time we mentioned that the "open banking trend is one that had been slow to happen but now seems to be moving at an accelerated pace. ProgrammableWeb analyst Mark Boyd has cited studies stating that 'the majority of banks recognize that an open banking platform is the endgame for the industry.' That recognition combined with regulatory pressure such as [the European Union-driven Revised Payment Service Directive] PSD2 (with a January 2018 deadline) has meant that more Financial APIs than ever are now being released."

The data would seem to back up this argument. After a relative lull in the number of Financial related APIs showing up in 2014-15, we have seen more than 600 new APIs since the start of 2016. The table below shows the number of APIs across the Financial, Payments and Monetization categories that were added to our directory.

Year
APIs Added
(Financial, Monetization, Payments, Banking)
2005 3
2006 10
2007 11
2008 43
2009 49
2010 84
2011 127
2012 425
2013 352
2014 298
2015 216
2016 424
2017
(through June)
261

Financial related APIs look like they will continue to experience growth for the time being. If you are an API provider, adding a listing in our directory is a great way to improve the discoverability of your APIs and raise awareness of your program. If you would like to include your APIs in our directory, you can use the link below.
https://www.programmableweb.com/add/api

Wendell Santos is the editor at ProgrammableWeb.com. You can reach him at wendell@programmableweb.com. Connect to Wendell on Twitter at @wendell78 or Google+.
 

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