Subjects: Product/Service, Survey
Independent Study Finds FIS' Code Connect Platform Brought Productivity Gains, 193% ROI
FIS® (NYSE: FIS), a global leader in financial technology, today announced findings from a commissioned study conducted by Forrester Consulting on The Total Economic Impact (TEI) of the Code Connecttm platform?FIS' extensive catalog of application programming interfaces (APIs) for financial software developers. Amongst other key findings, the study found that a hypothetical composite organization using the Code Connect platform experienced benefits amounting to $946,000 over three years versus costs of $323,000, adding up to a net present value (NPV) of $623,000 and a return on investment (ROI) of 193%. The study also uncovered additional benefits to 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 business cases for new technology investments," said Melissa Cullen, General Manager and Head of Core Banking Solutions at FIS. "We believe the findings of this Forrester TEI study showcase the profound impact that proven and scalable APIs can have on any organization looking to optimize its technology spend and bring new capabilities to market quickly. The Code Connect platform is part of FIS' vision to unlock financial technology to the world."
How Code Connect Works
First launched in 2016, FIS' 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. By encompassing APIs that span all stages of the money lifecycle?whether at rest in deposit accounts, in motion through banking and payment transactions, or at work through wealth management functions?the Code Connect hub can help businesses achieve efficiencies, rapidly innovate, and provide rich digital experiences for their customers.
The Code Connect platform provides a go-to self-service hub for users looking to learn, try, and buy individual APIs. The company's recently announced Ateliotm by FIS fintech platform expands on the use of APIs and caters to fintechs and other businesses looking to embed digital financial services capabilities into their existing products.
About the Study
Forrester's TEI study evaluated the potential financial and operational impact for enterprises that adopt FIS' Code Connect platform. Forrester interviewed representatives at four organizations using the Code Connect platform to obtain data about its costs, benefits, and risks. Forrester subsequently used the data to design a hypothetical composite organization, where the costs and benefits of integrating Code Connect were analyzed through a risk-adjusted financial modeling framework.
Beyond the study's finding that the composite customer organization experienced cost savings and increased productivity, the study also found that the composite organization utilizing the Code Connect platform benefited from:
- Expanded revenue opportunities: As the study explained, the Code Connect hub provides access to a diverse array of financial services, enhancing the ability of financial institutions to innovate and tap into new markets.
- Faster time to market: The study found that by streamlining API integrations, the Code Connect platform allows enterprises to deploy new products and services faster and quickly adapt to changing market trends.
- Improved customer experience: The study reported that enterprises stand to gain an improved ability to meet modern customer experience demands, as the APIs provide plug-and-play solutions that embody best practices and emerging trends.
- Improved security posture: As found in the study, the Code Connect platform supports the strengthening of corporate security measures by allowing customers to incorporate advanced security features and leverage FIS' ongoing support and deep understanding of industry-specific threats.
Learn More
Business looking to rapidly innovate and create rich digital experiences for their customers can visit the Code Connect website page at https://codeconnect.fisglobal.com/app/home. For the full Total Economic Impact Study, visit https://tei.forrester.com/go/fis/codeconnect.
FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor's 500® Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X.
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