According to FinTech Magazine, in 2024 banks will focus on enabling safe data exchange between institutions to prepare for digital transformation efforts such as open banking.
What is open banking?
Open banking refers to a banking practice that provides third-party financial service providers with open access to financial data from banks and non-bank financial institutions through APIs. This model completely changes the way financial data is shared and accessed; it provides consumers more control over their financial information and allows businesses to offer customized services, make data-driven decisions, and create new revenue streams.
Open banking is rapidly transforming financial services growth, in fact, according to Juniper, global open banking transactions will exceed US$330 billion by 2027.
How to start open banking with Mulesoft and Salesforce?
So, how do you make the most of open banking? It starts with a solid API-led integration strategy.
This is where solutions like MuleSoft come in. MuleSoft—now a part of the Salesforce platform—is an API-led integration platform that connects systems, applications, and data sources within or across organizations in a standardized way.
Effectively integrating these components is critical to any financial institution’s enterprise data strategy for several reasons, such as improved decision-making, enhanced customer experience, regulatory compliance, and operational efficiency. In turn, these are crucial for success in the dynamic and highly regulated financial industry.