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.
Today, a company can spring up in a matter of weeks. Perhaps a new idea is planted overnight during a hackathon and germinated in a garage over a couple of weeks using unlimited cloud computing power, free developer tools and open APIs. Then, the startup might get watered by incubators and accelerators like Idealab and Y Combinator, helping to direct the young company toward the sunlight while sprinkling it with occasional funding to grow its products and team.
Although we hear a lot about robots replacing jobs, most businesses are already well down the path of automation. Moving forward, businesses will continue to leverage advances in automation technology. However, the new frontier of competitiveness has shifted to product and service innovation. Success on this front goes to those able to create customer experiences that deliver insight and convenience. These experiences are created by understanding the lifestyle needs of mobile consumers, and strategically inserting services that satisfy these needs along the consumer’s path.
Financial services information technology (IT) has transformed from order taker to strategic business partner. As part of this transformation, IT organizations are finding they must address key challenges with legacymodernization, data management and digital transformation.
MuleSoft has launched a three-part white paper series discussing these challenges and how financial institutions are overcoming them. In the first installment in our Connected Financial Institution white paper series,
The benefits of applying the principles of SOA when catering to the IT needs of your organization are clear in a business-driven, vendor-neutral architecture. It considers all requirements from the perspective of the business process and delivers implementations in order to automate the same. The implementations themselves, driven by the same SOA principles and goals, are not bound to any one particular vendor because they are intrinsically interoperable, that is,
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.