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MuleSoft Accelerator for Financial Services

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Customer expectations and demand for online products are constantly rising in the Financial Industry, hence the need to change is accelerating. 

Customers expect online services to be high-quality, personalised, and convenient. They seek a one-stop digital place for their finances, and with the ever-growing competition for financial services customers are not afraid of switching to other providers in case of a bad customer experience.

For companies to provide that high standard customer experience, it is crucial to build a positive relationship with the customer backed up by a solid technical foundation, and organisations can only arrive at that through digital transformation.

Despite financial services companies being data-rich, they are often not data-centric, which could affect how they enhance products, customer experience, or operations.

Connectivity is another concern in digital transformation initiatives. But, it also can be a key for accelerated innovation by turning everything in the organisation, every piece of data, every process and application, into reusable assets. 

Three best practices emerged in Financial Industry for IT:

  • Decompose monolithic systems - increase agility by decoupling business processes from legacy data stores, and abstract system complexity from the end consumers of the legacy system’s data and services
  • Implement reusable solutions - create new technologies with reuse in mind, consequently reducing development time and cost
  • Embrace open innovation - a shift from a closed delivery model where everything has to go through Central IT, to the open-innovation model where IT can enable LoB to self-serve simple tasks so that IT team can focus on more strategic initiatives

Read on to find out more about the value MuleSoft can provide to companies in the financial industry.

What is MuleSoft Accelerator?

Accelerators are a collection of pre-built technical assets (mainly API specifications and implementation templates) and documentation to speed up the implementation of key integration use cases.

Accelerator assets are designed as modular building blocks easy to plugin. Customers can use Accelerator assets straight away or change the patterns, mappings, and endpoints to suit their needs. These assets represent the best practices MuleSoft recommends to customers in accomplishing the most common business use cases. Customers can save time spent on discovery, design, development, and testing each time they use one of the accelerator assets. 

Main benefits of MuleSoft Accelerators:

  • Integrations are delivered much faster and easier
  • Ability to extend and change Accelerator assets to meet unique business needs
  • Implementations with the industry best practices in mind

MuleSoft Accelerator for Financial Services simplifies the creation of a Customer 360 view by unlocking data from core systems including loan management, underwriting, claims management, credit agencies, and asset/portfolio management. It helps deliver connected customer experiences with customer onboarding and payments modernization use-cases.

This Accelerator boosts your time to value with Customer 360 initiatives with pre-built API specifications, templates and reference architectures for Financial Services, and all Accelerator use-cases are prioritised with Customer 360 vision in mind.

Use-cases overview:

  • Establish core banking foundation - unlock data from multiple backends, enabling a 360 view of customer’s financial information (accurate accounts data and transaction history), in order to realise key business processes
  • Streamline customer onboarding - deliver straightforward onboarding experiences such as customer onboarding or loan origination. The primary use-case is to onboard customers through an online loan application process
  • Deliver payments modernization - create a diverse set of payment options that can address multiple types of financial transactions and customer needs. This use-case provides a number of reusable assets that helps Financial Institutions easily integrate with traditional payment methods or channels (like SWIFT, ACH, Fedwire) as well as emerging payment solutions like blockchain.

API-led connectivity diagram:

MuleSoft API-led Connectivity

MuleSoft applies the API-led approach for its Accelerator assets, which helps accelerate the delivery of required integrations through reusability and provides concrete structure to the implementation.

MuleSoft Accelerator for Financial Services reduces integration development efforts and operational costs, as well as accelerates time to market for business initiatives.

  • Lower the development efforts for the integration of each use-case by decreasing the time spent on design and development activities
  • Bring down overall delivery cost both upfront and ongoing through API-led adoption along with assets built on top of the industry best practices
  • Deliver business IT initiatives faster than originally planned through the reuse of Accelerator foundational assets

Learn more about current market trends in Financial Services and how companies can use integrations to unlock data and drive digital transformation initiatives here.

Not sure where to start? Contact the Pexlify team to learn more about MuleSoft Accelerators and how they can help you with your integration needs.

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