As innovation continues to accelerate, a key driver is quietly reshaping how fintechs operate: API-based data access.
In a recent Akoya-hosted webinar, executives from Intuit, Aeropay, and SnapTrade joined Akoya’s Head of Customer Success, Betsy Eisenberg, to explore how smarter data access strategies powered by APIs are fueling growth, operational efficiency, and improved user experiences.
From fragile to scalable: Moving beyond screen scraping
For years, screen scraping has been the default for fintechs. But with constant website changes and rising security challenges, this method has proven brittle and unsustainable at scale.
“Websites are fragile,” said Bill Jetter, Group Product Manager at Intuit. “Banks make changes, and the scripts we used to screen scrape would break. APIs provide a durable connection that doesn’t break and allows us to get data with minimal user intervention.”
Brendan Wood, CEO of SnapTrade, echoed this, explaining that modern authentication tools like two-factor verification and CAPTCHAs have made screen scraping unreliable. By contrast, APIs offer seamless, persistent access that scales.
APIs deliver speed, reliability, and data quality
For fintechs operating in dynamic or regulated environments, the transition to APIs delivers measurable benefits in speed, reliability, and data quality.
SnapTrade, for example, uses real-time API calls to support investment decisions, enabling users to act on insights instantly. “Switching to API-based access allows us to have really cheap, fast calls to get the data exactly when it’s needed,” Wood said.
On the reliability front, Aeropay’s CTO, Josh Lockhart, emphasized that API-based logins result in a smoother onboarding experience with consistent connection success, significantly reducing support time and troubleshooting.
APIs also deliver high-integrity, clean data — critical for Aeropay’s transaction decisions in regulated industries — enabling fast, accurate processing and reducing the risk of error.
Operational efficiency and customer growth
Across the board, APIs are unlocking efficiencies internally and driving growth externally.
“Clean, available data means our developers spend less time writing defensive code and more time shipping features,” said Jetter. “That speeds up time-to-market.”
SnapTrade saw dramatic improvements across its KPIs after switching one broker from screen scraping to APIs, specifically in connection success rate, longevity, and data reliability. SnapTrade’s trading volume increased 100x within six months.
Meanwhile, Aeropay now enjoys a 90%-plus acceptance rate, which is comparable to credit card standards, thanks to reliable API integrations.
Enhancing UX and building user trust
User experience has seen a major uplift through API adoption. At Intuit, switching to biometric authentication in mobile flows led to a 20% increase in authentication success rates—a clear win for frictionless design.
“We found that by moving to APIs, it really enhances the user experience,” Jetter said. “It also comes with a lot of cost savings, both for the bank and for the fintech. So, it's a win-win.”
Lockhart emphasized that having robust APIs beneath the surface gives Aeropay the flexibility to fine-tune the user experience without disrupting user expectations.
“Having APIs underneath really allows us to cater and tailor that experience without breaking the mental mold for the consumer,” Lockhart said. “Once users engage with the bank connection flow, the process is not only intuitive—it’s also fast. We see a pretty consistent timeframe, at this point, less than a minute.”
For SnapTrade, the user experience gains translate directly into business growth. API-enabled order execution has become a powerful differentiator for the platform.
“About 90% of the customers that we've onboarded in the last quarter have an order execution use case,” said Wood. “Most of them wouldn't have signed up with us without that execution capability because really its core to their business.”
The ability to deliver that capability through fast, secure APIs has been instrumental in SnapTrade attracting high-value customers and enabling new use cases.
Strategic advice for fintechs
The panelists strongly encouraged early adoption of APIs; not just as a matter of modernization, but as a strategic move to stay ahead of the curve.
“Leverage a partner who does the heavy lifting, harmonizes the data, and delivers API benefits without you having to manage every integration,” Jetter advised, highlighting the importance of reducing operational complexity while maximizing value.
Wood called out the security benefits of API adoption, noting, “PII is toxic. We prefer not to collect it at all. APIs remove the need to store credentials and reduce exposure.” This shift not only improves security posture but also alleviates compliance burdens tied to sensitive data handling.
Lockhart added that as fintechs grow, internal alignment becomes essential. Ensuring that API-sourced data is used where it drives the most value is key to controlling costs and maximizing performance, especially as data access scales across systems and teams.
The road ahead: Scale, trust, and growth
Across the industry, momentum is building toward standardized, secure API adoption; not just to keep pace with evolving expectations, but to meet growing demand from users and partners alike.
As Lockhart pointed out, APIs allow fintechs to scale while delivering seamless, tailored experiences that users now expect.
Wood emphasized that customer demand and strong institutional relationships are what truly enable platforms to expand their API capabilities and unlock new use cases.
Fintechs are no longer embracing APIs just for operational efficiency. They’re using them to power growth. With smarter data access through secure APIs, innovative fintechs like SnapTrade, Aeropay, and Intuit are building a more secure, scalable, and user-centric financial ecosystem.
Connect users to their financial data with Akoya
Akoya powers reliable APIs directly from major U.S. financial institutions. Unlike traditional financial data aggregators who rely on screen scraping to access data, Akoya offers 100% API-based, permissioned data access to fintechs who need user financial data to power their products.
Access to Akoya's network of secure API provides:
- Data dependability & accuracy: OAuth-based connections enable consistent network uptimes from authorized data sources. Expect uniform data with consistent coverage across products.
- Industry trust: Akoya is trusted by the largest banks and brokerages in the United States. All network participants are vetted and follow the same rules.
- Network security: Akoya holds a SOC 2 Type 2 certification and is NIST and FIPS-140 compliant. All network participants meet rigorous security requirements that are reviewed regularly.
- Developer tools: Self-service Data Recipient Hub with dedicated Support Center, best practices, and a rich library of test data and SDKs.
Learn how Akoya can help you lead in an API-first future at akoya.com/fintechs.
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