Consumers are accustomed to managing their finances online. In fact, results from a new Salesforce survey of more than 2,000 consumers show that financial services customers increasingly prefer digital experiences. Seventy-eight percent of banking customers initiate relationships on a website or app, with 44% for insurance and 42% for wealth management customers (where the products are more complex). These customers seek connected and frictionless personalized services, yet companies in the financial services industry are struggling to meet those demands due to data silos.
MuleSoft’s 2022 Connectivity Benchmark Report also shows that organizations have an average of 976 applications, but only a third are connected. In fact, it takes 35 applications to complete one customer interaction. So it’s no wonder that one out of nine IT leaders say that data silos leave an enormous opportunity to improve customer experiences.
This is why thousands of companies are partnering with MuleSoft to harness the power of modern automation and integration technology. With MuleSoft Anypoint Platform, companies in the financial services industry are connecting siloed data sources and automating workflows to create a 360-degree view of the customer and gain actionable insights to improve their customers’ experiences. Companies such as Invesco and Western Union are doing just that.
Western Union delivers new experiences with increased efficiency and productivity
If you’ve ever sent money to family or friends across the globe, you may have used Western Union at some point for its far reaching network and ease of use.
A global leader in cross-border, cross-currency money movement and payments, Western Union’s financial network cuts across more than 200 countries and territories with over 130 currencies. For Western Union, scalability means the ability to continuously innovate and provide improved customer experiences. That’s why they used the Anypoint Platform and Salesforce Customer 360 to connect data silos and automate workflows across its expansive retail and digital ecosystem.
“Anypoint Platform integrates all our systems and orchestrates the business logic in a seamless way to help us scale. We can bring in any net new system and integrate it in a secure and seamless way, enabling us to launch innovative offerings like our digital bank in Europe.”
Pavan Yerra, Senior Director of Digital & Data Products, Loyalty Platforms, and Conversational AI, Western Union at MuleSoft CONNECT 2022
Tom Mazzaferro, Chief Data and Innovation Officer, Western Union adds that “to become more customer-centric, we needed to increase our efficiency and productivity to deliver new experiences wherever our customers are. MuleSoft allows us to quickly access the information we need and automate workflows to drive omnichannel messaging capabilities, so our business teams can focus on providing great service and real-time conversations with our customers.”
Invesco expands into new markets and boosts customer experiences
Invesco, a global asset management firm that manages 1 trillion dollars in assets, also strives to improve the customer experience and deliver faster response times to prospective customers. Yet its sales, services, and marketing teams didn’t have access to the customer and marketing data that was dispersed across 200+ disparate systems.
They used Anypoint Platform to integrate these siloed systems across its enterprise and gain a unified view of data that their teams needed to inform their strategies for improving customer experiences and expanding into new markets. Invesco eliminated inefficiencies and duplicative work, delivering consistent, global customer experiences faster. What’s more, their sales reps now receive access to prospective customer inquiries 40% faster than before implementing MuleSoft – helping them deliver better experiences for prospective customers.
Conclusion
Western Union and Invesco are just a few of the many companies that are using modern integration and automation and integration technology to grow at scale through improved efficiencies and create new business capabilities that improve connected experiences for its customers.
Read more about how MuleSoft customers are seeing substantial business results by using a unified platform for integration, APIs, and automation.
