The COVID-19 pandemic has exposed gaps in banks’ ability to provide resilient, reliable payment services. Situations where banks could not process payments due to lack of staff access to physical data centers, or because of vendor-imposed downtime due to security breaches, have been all too frequent in the last six months. To address these challenges, banks must replace or augment their legacy systems and move processing to the cloud.
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.
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.
According to MuleSoft’s 2020 Connectivity Benchmark Report, the financial services sector has a greater prevalence of teams driving sharing and a higher likelihood of API use, making it more primed for integration compared to other sectors.
The report also points out that improvements can still be made with only 44% of financial service respondents reporting that their organization provides a completely connected user experience, and 54% admitting it’s difficult to achieve.
One of the great uses of Anypoint Platform is automating business processes that need to interact with multiple systems and deliver useful functions. Many times these business processes are ones that started out requiring humans and as the business has grown it has become clear that the human process will no longer scale with the demand.
We’ve seen that here at MuleSoft. Here’s a great example: Sales has put together a package that meets our customer’s needs,
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.