Fintech
Study Finds FIS’ Code Connect Platform Delivers 193% ROI
FIS® (NYSE: FIS), a global leader in financial technology, today announced the results of a commissioned study conducted by Forrester Consulting on The Total Economic Impact (TEI) of the Code Connect™ platform, FIS’s broad catalog of application programming interfaces (APIs) for financial software developers. Among other key findings, the study found that a hypothetical composite organization using the Code Connect platform realized benefits of $946,000 over three years versus costs of $323,000, for a net present value (NPV) of $623,000 and a return on investment (ROI) of 193%. The study also uncovered additional benefits for the composite customer using the Code Connect platform, such as a 20% increase in developer team productivity and a 20% increase in IT security productivity.
“The study comes at a time when many organizations are preparing for next year’s budget cycles and starting to build the business case for new technology investments,” Melissa Cullen saidGeneral Manager and Head of Core Banking Solutions at FIS. “We believe the results of this Forrester TEI study illustrate the profound impact proven, scalable APIs can have on any organization looking to optimize their technology spend and rapidly bring new capabilities to market. The Code Connect platform is part of FIS’s vision to unlock financial technology for the world.”
How Code Connect Works
First launched in 2016, FIS’s Code Connect platform hosts a catalog of over 700 open API solutions from FIS and its partners, making it easy for businesses and developers to discover, evaluate, and integrate them into their systems. With APIs spanning all stages of the money lifecycle, whether at rest in deposit accounts, in motion through banking and payment transactions, or working across wealth management functions, the Code Connect hub can help businesses achieve efficiencies, innovate rapidly, and deliver rich digital experiences for their customers.
The Code Connect platform provides a one-stop self-service hub for users to learn, try, and purchase individual APIs. The company’s recently announced Atelio™ by FIS fintech platform expands the use of APIs and caters to fintechs and other companies looking to integrate digital financial services capabilities into their existing products.
About the study
Forrester’s TEI study assessed the potential financial and operational impact for companies adopting FIS’s Code Connect platform. Forrester interviewed representatives from four organizations using the Code Connect platform to obtain data on its costs, benefits, and risks. Forrester then used the data to design a hypothetical composite organization, where the costs and benefits of integrating Code Connect were analyzed using a risk-adjusted financial modeling framework.
In addition to the study findings that the composite client organization achieved cost savings and increased productivity, the study also found that the composite organization using the Code Connect platform benefited from:
- Increased revenue opportunities: As explained in the study, the Code Connect hub provides access to a wide range of financial services, improving the ability of financial institutions to innovate and access new markets.
- Faster time to market: The study found that by simplifying API integrations, the Code Connect platform enables companies to deliver new products and services faster and quickly adapt to changing market trends.
- Improved Customer Experience: The study found that companies are better able to meet modern customer experience needs as APIs provide plug-and-play solutions that incorporate best practices and emerging trends.
- Enhanced Security: As highlighted in the study, the Code Connect platform supports the strengthening of enterprise security measures by enabling customers to integrate advanced security capabilities and leverage FIS’ ongoing support and deep understanding of industry-specific threats.
Companies looking to innovate rapidly and create advanced digital experiences for their customers can visit the Code Connect webpage HereFor the full total economic impact study, visit Here.