Competing Sustainability with API Technology
Competition in online marketplaces is rising rapidly. Here is how DBS’ suite of API solutions helped one company optimise its business operations to stay ahead of the game.
Online marketplaces are proliferating rapidly in Southeast Asia, driven by widespread internet access. Many of these new online retailers compete with aggressive discounts.
Looking for a better way to grow their business than simply cutting prices – and profits – one platform asked us to optimise its business operations to make it more efficient, helping it to compete more effectively.
The company wanted to eliminate errors that arose through manual payments processing. It also wanted to carry out its payment operations at any time whilst reducing the manpower needed to do so. This would provide a strong and sustainable basis for growth.
To meet these goals, we needed to incorporate our banking services seamlessly into the platform’s core infrastructure – automating transactions to reduce manpower and allowing it to operate 24/7 in real-time.
Our solution was to use RAPID (Real-time APIs with DBS), our suite of banking APIs. APIs (Application Program Interfaces) are software tools that allow different applications to communicate with each other.
Once the solution was implemented, the firm was able to manage all its payment operations 24/7 without manual intervention, in real-time.
Thanks to the changes we made, the company has seen a major improvement in its operational efficiency, with manual intervention almost completely eliminated and error rates close to zero. As a result, it has put itself in an excellent place to compete successfully in its fast growing sector.
If you are working in a highly competitive industry, you will already know how difficult it is to grow sustainably. Creating business efficiency is a key growth strategy and banking APIs can help you achieve that.
As well as being a bank, we are also a leader in the provision of banking APIs. DBS RAPID offers the largest banking API library in the world, and we have more than 200 customers who have used our APIs to improve their businesses.