Around 37% of respondents in a major marketplace survey of the French market have defined a monetization model for their digital products. However, it should be noted that a third of this percentage have chosen a free access model. Despite this, the figure seems to be a bit far from reality. Over the past four years, customers have been encouraged to not only identify monetization models but also study the broader value of APIs and digital products. Many customers have found indirect monetization or service-based monetization opportunities. For example, DBS (Bank of Singapore) has opened up its relationship onboarding process to the fintech ecosystem by providing free APIs to partners, leading to cost savings for the bank. Some banks also offer their services for free to provide customers with innovations from the fintech ecosystem and reduce customer attrition. In the industrial sector, companies like Bosch have gained a unique position by opening up APIs for their electric motors, allowing startups to create accessories and services that build customer loyalty. It is important to consider all possible ways of adding value when developing an API strategy, rather than solely focusing on monetization.
Source Axway
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