COVID-19 has shown that in a time of crisis, governments need complete and up-to-date data to protect citizen safety, track and mitigate the spread of the virus, and provide key services such as testing and social assistance programs.
As more cities and states begin the reopening process, having a clear plan of action for intra-agency collaboration and informed decision making will be essential to keeping everyone safe.
As consumers have adopted third-party digital apps and services to better manage their financial lives, open finance has become a critical digital transformation priority for financial institutions. Today, it’s more important than ever before with almost two-thirds of consumers globally using at least one fintech app and an increased amount of financial activity happening digitally in the midst of COVID-19.
The U.S. government relief programs in response to COVID-19 have put an unprecedented workload on the banking industry. The small business funding programs like Paycheck Protection Program (PPP) loans and Small Business Administration (SBA) Bridge loans have generated 14 years’ worth of applications in 13 days underscoring the importance of digital transformation.
Banking providers around the world are helping millions of people and small businesses manage tremendous financial uncertainty amid COVID-19. Though banks have risen to the challenge with remarkable ingenuity, the crisis underscores the need for them to accelerate their digital transformations.
The success of chief information officers (CIOs) and IT departments in the banking industry is critical to delivering the financial support that’s so desperately needed to withstand the economic impacts of COVID-19.
The unprecedented disruption of COVID-19 has changed how consumers interact with banks; there’s been a 20% increase in digital engagement levels and a halving in the use of cash. Many banks have also needed to rapidly meet the demand for new services such as ‘Interruption Loan Schemes’ to support those hit hardest by lockdown measures and, like many organizations, are operating with a partially remote workforce. Much of this change could remain even after the pandemic;
SE2 is a technology vendor providing insurance software-as-a-service to its customers. SE2’s main product is the SE2 Aurum® Platform. To ease the buying process, SE2 Aurum® needs to integrate with many disparate systems. Below, Ambrish Patel and Indra Bhattacharya, Enterprise Architects at SE2, describe how SE2 transformed the life insurance new business and underwriting support process using MuleSoft to switch to an API-led integration approach.
The global lockdown has forced society to rely more heavily than ever on digital channels in 2020. Those who still preferred face-to-face interaction in a branch setting to the convenience of going online have been forced to adapt and learn new habits. In the financial services sector, UK bank Halifax reported seeing the number of online transactions made by over-65’s doubling during the lockdown, giving one clear example of the extent of this impact.
Businesses across every industry have faced unparalleled disruption to their operations as a result of the coronavirus pandemic. In the retail sector, we’ve seen shelves across the globe being repeatedly stripped bare, as supply chains that simply weren’t geared-up to deal with such sudden and dramatic changes in buying behavior have struggled to keep up.
COVID-19 has overwhelmed governments and healthcare resources around the world. This crisis underscores the importance of interoperability — the ability for clinical and non-clinical health IT systems to talk to each other, exchange data, and make use of key information. I’ve spent years advocating the importance of interoperability with CIOs across healthcare providers, payers, and government agencies.
MuleSoft provides the most widely used integration platform for connecting any application, data source or API, whether in the cloud or on-premises. With Anypoint Platform®, MuleSoft delivers a complete integration experience built on proven open source technology, eliminating the pain and cost of point-to-point integration. Anypoint Platform includes CloudHub™ iPaaS, Mule ESB™, and a unified solution for API management™, design and publishing.