Too Long; Didn't Read
Fintechs leverage a protocol known as API banking to incorporate various offerings and facilitate the same for their customers. Banking APIs enable any trusted 3rd party to avail the services provided by a banking institution or enable the same service for another entity. 7 out of 10 businesses fail within the first 10 years; 80% of companies make it past that first-year mark. The APIs & documentation aren’t readily available, and to top it all off, the existing ones are filled with errors & loopholes.