Financial market application programming interfaces (APIs) can offer real-time or historical data on various financial markets, depending on the specific type of market you want to follow or the information you need most for your clients. Financial markets are always fluctuating, and keeping up with the latest changes can prove extremely difficult — especially if you don’t have the right tools in hand. A financial market API can provide you with that information.
If you want your website to be a hub for the latest and greatest intel in your corner of the industry, a financial market API is one of the most effective ways to make that happen. This guide will walk you through everything you need to know about them, including what they are, why they’re important, and how they can boost your operations.
How APIs Make Market Data Accessible
APIs can provide you with valuable financial data that can help you keep up with real-time changes in the market. As a result, you can make much more effective financial decisions for yourself or your clients.
There are a variety of markets and feeds that can include APIs. You might, for example, create one for:
- Interest rates – treasuries, swaps, LIBOR, SOFR etc.
- Currency exchange rates
- Futures and commodities
- Exchange codes
- The latest bids on specific commodities
- Trade volumes
By making this information readily accessible, you can streamline many of the processes your financial institution engages in on a regular basis, freeing up your employees’ time for other tasks and providing your clients with better access to more information as they make critical decisions.
How to Use Financial Market APIs Effectively
You can use financial market APIs in many ways, including to perform functions that can help improve your overall success. Consider how these benefits could impact your business as well as that of your customers:
Multinational Pricing and Foreign Exchange Rates
Many large institutions conduct business across geographic lines. You may need to access the latest foreign exchange (FX) rates at the touch of a button, and an API can help you keep up with that vital data. You can also keep up with multinational pricing on specific commodities with answers to questions like:
- What is the price in each nation?
- Is it cheaper to order or purchase in a specific location based on current pricing?
- Will FX rates make this transaction cost more than originally thought?
With this information available at your fingertips, you can easily make purchasing decisions, calculate exchange rates, and make sure you’re keeping all of your financial information in order.
Systems Maintenance: The API Benefit
You still need access to up-to-date data even when the other systems you use to access vital financial data are under maintenance. Depending on how often your API updates and which system it uses for its information, you may find that you can keep up with the latest information even during maintenance periods.
Service Adjustable Rate Loans
Loan rates can change moment to moment, especially in times of economic uncertainty. If your company offers loans based on specific rates or factors, for example, it may need regular updates to that information.
Suppose a potential client is interested in an adjustable rate loan, but wants to know what current rates look like and how they have looked over the past 30, 60, or 90 days. A financial API that provides that information directly on your website is highly valuable, and thus may increase the odds that customers will choose your firm.
Highly Custom Website Presentations
As you’re crafting a custom website presentation, you may want to include up-to-date data. Imagine that you’re putting together a presentation regarding current mortgage rates. You may want to show real-time changes in the market, especially in light of COVID-19 challenges or economic shifts in your area.
Using a custom API or other commercial mortgage broker tools means you could easily keep up with the latest changes in financial information across all industries, and that you and your customers will have easy access to the data you need when you need it.
How Having a Custom API Created Helps
APIs can help you follow a great deal of financial data in near-real time. A custom API created just for your business and your website can also offer a number of advantages:
1. Only pay for what you need.
You may need only specific features for your API. If you’re tracking the latest exchange rates between four countries, for example, you might need only those countries — not worldwide currency exchange rates. A standard API might require that you pay for the entire data pool, but a custom API means you’ll pay for just the elements you need.
2. You do not need to buy access to the entire market.
Sifting through large quantities of financial data can increase processing time and make it more difficult for your team to access exactly the right data. You do not need access to the entire market for your website or institution. Instead, you can narrow access to the specific data that is most beneficial to your team.
3. Customize and brand your information.
You want to present your customers with branded information: data that comes straight from your company. That branded content helps build trust in your organization, which can encourage customers to turn to you when they have specific needs in your industry. Using a generalized API may fill your needs initially, but you’ll quickly find that a custom API streamlines processes and ensures that you can easily get your hands on the data you need.
Get a Custom API for Your Business
Creating a custom API can make a huge difference for your organization, including making information more accessible and ensuring that you have access to the information you need most. Contact theFinancials.com today to speak with an expert about any financial market API questions you might have or to get started creating the right custom solution for your website.