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.
It’s conference season, and this year we hosted Sibos in Sydney. Amongst the hot topics were Australia’s New Payments Platform (NPP), open banking and marketplace banking. In this post I share the top insights and trends emerging in the financial industry.
This is the story of Mynt, a Philippines-based Fintech startup partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, and their API-led legacy modernization journey.
It is imperative for banks and other financial services businesses to ‘go digital’, in response to legislation (i.e., PSD2) and to increasing pressure from smaller, more nimble fintechs.
The influence of rapidly-evolving macro-economic conditions and regulatory changes, especially following the 2008 financial crisis, have always kept the financial services industry on its toes. However, few could have foreseen the impact created by the waves of new fintech startups that have surged into the market in recent years. The charge is being led by innovative new entrants, such as Atom Bank, TransferWise and Sonovate, which are finding success in using new technologies to deliver traditional financial services in ways that revolutionise the customer experience.
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.
I wrote a piece in July, Future of Fintech depends on APIs, talking about the landscape of Fintech and how a regular part of our lives today is enabled through Fintech innovations and APIs.
Here, I want to talk about banks and how they shouldn’t see fintech players as competitors, but partners. We’re also seeing the trend where banks are either partnering up with fintech companies,
Investors around the world in 2015 invested a total of $19.1 billion in the fintech industry.
It is not surprising considering the level of disruption in the financial industry; retail banks, traditional lenders, and traditional asset managers have all seen digital disruption. Over the past few years, we have seen explosive growth in online versions of those traditional services listed above with online only banks, peer to peer lending platforms,
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 whitepaper series,
