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Open APIs: The Unsung Hero of Data Integrity for Financial Firms

by | Nov 14, 2023

The greatest fintech tools focus on the advisor experience – ensuring you have the ability to work more efficiently and better serve your clients. For most advisors, that means inter-functionality between applications is a must-have. 

With that in mind, Mobile Assistant is excited to announce a new open API framework initiative called ConnectIt+. The goal: to create seamless integrations with fintech partners and provide organizations the ability to pull client engagement data from their advisor teams into any CRM or other digital platform. 

All those integrations your firm already knows and loves (e.g., Redtail, Wealthbox, Salesforce, SmartOffice and Oracle) will soon offer even greater functionality with the transition to Mobile Assistant’s new ConnectIt+ integration.

Click here to read the full press release for Mobile Assistant’s open API initiative

With this new initiative, not only can Mobile Assistant clients record their notes quickly and easily, you can also effortlessly share meeting note data between your favorite fintech applications via the Assistant Template Manager.

Related: Take Your Meeting Notes Anywhere with the TalkIt+ App

But what exactly is an open API? And how can it improve data sharing for financial professionals like you? In today’s blog, we’re exploring how open API systems can enhance data integrity through three core benefits – let’s dive in!

What is an Open API?

An API is an “application programming interface” – it’s a type of system that allows different software programs to talk to one another. 

Imagine you ordered a pizza and are tracking its location via the pizza parlor’s app. The tracking map provided in the pizza parlor’s app isn’t made from scratch – it’s actually a different maps system they embedded directly in the app. The pizza place used an API to provide you the map, and customized it to add those little pizza icons on top. 

This is one example of using an “open” API to create a better user experience. Through an API, the map system is available to use and customize. 

Open APIs like these allow various systems to share information for a more seamless integration. On the other hand, “closed” APIs can only be accessed by the company that created them. 

While a closed API may sound more secure, open APIs create secure connections using authentication and authorization mechanisms which ensure that only authorized users or applications can interact with it.

In short, open APIs offer greater functionality for tech integrations through cloud-based accessibility and customization abilities. 

3 Ways Open APIs Enhance Data Integrity

1. They can offer real-time data validation

When data is sent between different applications via an open API, the API automatically checks for certain “protocols,” or the rules and formats for exchanging data. This means that data is checked for accuracy, completeness and adherence to predefined formats before it is accepted by the receiving application. Each API integration can have its own set of protocols.

In a simple example, imagine you wanted to send a PDF file from your system to another through an API, but the receiving software only accepts JPG files. The open API could automatically detect that discrepancy and let you know there’s an issue. 

Every advisor has probably run into a situation where you have multiple versions of the same data and you’re not sure which one is right. With real-time validation, you can have a single source of truth that will ensure everyone has the latest data.

That data accuracy is at the core of Mobile Assistant’s services and our TalkIt+ app. In just a few clicks, teams can create customizable dictation templates to guide their notetaking, prompting advisors to get down all the necessary information and providing a structured process that continuously delivers complete and accurate data to the open API framework. 

Related: Podcast: Master Productivity and Optimize Data

2. They can facilitate user and data security measures

By providing a secure channel for data exchange, open APIs help maintain the confidentiality and integrity of sensitive information.

For one, direct connections between your software systems mean you have fewer opportunities for error. Rather than downloading your notes or spreadsheets of sensitive client information to your device and then sending and re-uploading to a different system, you have a direct, secure way to move data from one place to the next. 

Furthermore, the applications using open API can implement authentication measures for users, as well as data encryption protocols to protect sensitive and confidential information. And since open APIs offer more customizability than their closed API counterparts, security measures can be built into the process at each step. 

3. They can provide audit trails for compliance purposes

Lastly, open APIs can be designed to generate detailed audit trails and logs of all interactions. These records track every request, response and modification made through the API. For financial professionals who need to both ensure data security and prove such efforts to regulatory authorities via compliance practices, these audit trails become invaluable. Mobile Assistant’s ConnectIt+ has logging built in, giving organizations the visibility into the data access that’s so valuable. 

Plus, that single mode of data transfer makes it simple for teams to track the source of any errors as they occur. This can be crucial for resolving disputes and maintaining trust with clients.

Open APIs are a great tool for increasing systems security, identifying and logging data discrepancies and offering real-time validation. With Mobile Assistant’s open API initiative underway, we’re excited to offer functional, secure and seamless integrations for our dictation services. 

Start Your Free Trial with Mobile Assistant

With Mobile Assistant’s new open API framework in place, you’ll be able to send your meeting notes wherever you need them – without sacrificing data security or firm functionality. Click here to connect with a member of our team and learn more about Mobile Assistant today.

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