Regarding challenges that MyVest faces when integrating with other systems, Charlie underscored the following: inconsistency in data models, a lack of readily available interactive online documentation, and limited testing and sandbox environments.
Today, MyVest is expanding its API sets to improve the ecosystem around account and data aggregation, analytics, and goal-based wealth management. Charlie explained,
“Our strategic plan includes extending our current integrations, as well as expanding our API ecosystem. We also continue to strengthen our API’s infrastructure for things like documentation and endpoint consistency.”
Bottom Line
Open APIs are having a significant impact upon the entire wealth-management industry. Above, we have examined several WealthTech companies in terms of the APIs they create, and the functionality and integrations they provide via API sets. Some have a specific focus (e.g., data-focused APIs), while others offer APIs that allow users to offer either the entire wealth-management process or separate services. Companies can offer integration into their platforms or integrate into third-party solutions to add value to their own platform and offer clients high-quality services.
Vasyl Soloshchuk, CEO and co-owner at INSART, FinTech & Java engineering company. Vasyl is also author of the WealthTech Club blog, which conducts research into Fortune and Startup Robo-advisor and Wealth Management companies in terms of the technology ecosystem.