Now that you have learned a little bit about what an API is, here are some ways companies have put APIs to work for them!
While the limit of how the API can be implemented is constrained only by your imagination and developers, there are some general uses many in the Retirement market are drawn. These use cases include:
FILL IN THE WHITE SPACE OF CRMS
One frequent use of an API is to fill in the white space found in many CRMs. Through hard work, many businesses have built impressive lists of leads and clients. However, even the most diligent data collection team could use the help.
- Fill in basic company information such as business name, address, phone numbers, even their federal Employer Identification Number (EIN).
- Load essential details about a company’s retirement plan, such as what type of plans they have and the number of participants in those plans.
In the future, JDA may even begin providing contacts for the companies such as the CFO, or heads of their Benefits and HR departments.
Many businesses, especially those in the small business market, seek a basic level of authentication of a potential client’s identity to qualify them as a lead. A great way to automate this basic level of qualification is through a web form.
The web form requests the client to provide some necessary information about themselves, frequently including the business name and EIN. A web form
connected to the JDA API can then instantaneously verify this data. As the API data includes confidence scores relating to a company’s name, EIN, and address,
you will get a clear picture of the lead.
This automatic first tier qualification will save you time chasing down poor leads and lower the chance for fraudulent clients.
Since the implementation in 2012 of FINRA Rule 2090 and Rule 2111, it’s become extremely important for brokers to obtain and maintain some basic facts of each Customer they work with. Manually creating these profiles can be a daunting task. This is where the automation allowed by an API can save time and money while lessening the change for error introduced by manual input.
By connecting the JDA API into your KYC process, you gain the ability not only to verify the information you have but collect data you don’t have on your client list. You no longer have to spend the effort chasing down a client’s name, EIN, or address. Our API can be used to provide data automatically. Even periodically re-verify the data to make sure it is still accurate.
FORM CREATION SUPPORT
Often a broker may want to send correspondence to a potential client, perhaps a proposal. Marketing departments also like to reach out to multiple leads at
the same time using a marketing template populated with text specific to the lead they are reaching out.
The API is a perfect way to bring specific data related to the target of the correspondence into the documentation process.
- Quote generation: By pinging our API, you can pull in data such as the number of participants and plan types a sponsor currently has. This data will allow you to build tools to provide you with general quotes for a client without having to manually look up a plan or ask the client for details.
- The Proposal: A proposal or contract template can now include information such as the types of plans a sponsor currently has, these plans’ renewal dates, and general business information such as address and phone number.