APIs Become Core to Wells Fargo Strategy

Wells Fargo said their APIs were called more than 1.5 billion times last year as the bank looks to increase transparency to the level of other banks who have shared similar details; the bank has more than 40 API use cases to date and partnerships with 15 data aggregators; most of the API calls some from consumers apps that are looking to pull account that through the aggregators; the increase in API usage by the bank is in part their response to end the practice of screen scraping which is not nearly as secure; “You’ve got a particular workflow that a customer has, be it a commercial customer or consumer retail customer, and banking is a couple of steps in that broader flow,” Imran Haider, Head of Open APIs at Wells Fargo, said to American Banker. “If we can get bank products and services embedded in the digital experiences that are valuable and relevant to customers and make banking a part of that customer’s workflow, we create value for our customers.” American Banker

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