Characteristic FinTech Technologies

Name: Characteristic FinTech Technologies
Author: Xi Bai

Learn what technologies are related to FinTech.

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Course: On-Demand

(bright music) Let's look at some typical FinTech technologies. In these lessons, we'll look at APIs, Composables, Blockchains, and the Internet of Things. Application Programming Interfaces, or APIs, help applications securely exchange data by having standard rules to dictate computer communication. According to IBM.com, APIs allow companies to expose application data to external third parties and departments within their establishments. This results in better collaboration, along with more security and flexibility among different companies. APIs can work in the following ways. The client begins an API call. The API calls the web server or involved external programs. The external program or server replies to the API. Finally, the data is transferred from the API to the initial application. When the client begins the API call, the goal is to get the information and process the information to the web server, then to the Uniform Resource Identifier. The API then calls the server or external program, which communicates with the API. The data transfer process begins and continues through the API. To better understand what APIs are, let's discuss the user interface or UI. While humans communicate using verbal and body language, machines use digital codes and pre-designed programs to receive and read human instruction. A UI works like a port to connect users and machines, and helps machines understand human needs. When interacting with machines, it is best to find a way to allow the machines to understand what you want and expect from them. Keyboards, mouses, touch screens and voice-recognition systems exist to transform thoughts into a format that machines can understand. Once computers understand commands, they can carry out orders. The API is like the port that connects different applications and programs together so they can communicate and work with each other. For example, if you're an American shopping on Amazon, the seller may choose to use the United States Postal Service or USPS to ship your item. You can track your USPS package by clicking the link on the Amazon website, and your shipping records pop up instantly. The availability of your records provides you quick and safe access to your information without having to remember it. Amazon and USPS are service providers with separate websites maintained by different tech teams from different companies. But Amazon built an API that allows its customers to access data sourced from USPS. So the port between these two different companies is now open. Users can use this port to conveniently access the information they need. PayPal is an example of a third party payment API. Users can make online purchases without having to compromise their financial safety and identity. In the traditional banking system, a customer only receives services from the product line that's owned or operated by the bank itself. But with API adaptation, the bank is building an open ecosystem that allows all related online service providers to participate. APIs can be built if the bank recognizes the potential value from outsiders like insurance companies, investment consultants, auction houses, and car dealerships. The goal is to provide better service to the users and to keep them in the ecosystem in the long run. Since 2016, Citibank has initiated its global API Developer Center that grants access for outside developers to visit and adapt Citi's multiple APIs, including account management, online payments and credit services. Citi is continuing to open its APIs and encouraging local developers for collaboration in multiple international locations, such as India, Mexico, Russia, the United Kingdom, and Singapore. APIs play a vital role in encouraging company flexibility while fostering domestic and global collaboration through various methods. They also establish a deep merging and reopening of online financial services to the finance industry.

Intermediate Provider : Xi Bai 5 Lessons · 17m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

In this course, you’ll explore typical FinTech technologies such as APIs, blockchains and the Internet of Things.

What You'll Learn

Explore typical FinTech technologies including APIs, blockchains, and the Internet of Things
Understand the front-tier technologies of FinTech
Learn how blockchain technology can affect the world
Examine Application Programming Interfaces (APIs) and the Internet of Things (IoT)
Understand composables, decentralized finance, and composable finance

Key Takeaways

The course covers characteristic FinTech technologies such as APIs, blockchains, and the Internet of Things.
Blockchain technology is presented as a force that can affect the world.
The course addresses front-tier FinTech technologies, including decentralized finance and composable finance.
A Test Your Knowledge component lets learners check their understanding of the material.

Frequently Asked Questions

What technologies does this course cover?

It explores typical FinTech technologies such as APIs, blockchains, and the Internet of Things, and also covers composables, decentralized finance, and composable finance.

What will I learn from this course?

You will understand the front-tier technologies of FinTech and learn how blockchain technology can affect the world.

What topics are included in the lessons?

The lessons cover Application Programming Interfaces (APIs); Composables, Decentralized Finance and Composable Finance; Blockchain Technology; and the Internet of Things (IoT), followed by a Test Your Knowledge section.

Is there a way to check my understanding in this course?

Yes, the course includes a Test Your Knowledge component.