“If you’re not building an ecosystem, chances are your competitors are.” This warning from McKinsey is very true in financial services, where traditional players need to cater to evolving customer needs and new consumers’ attitudes. Digital natives and millennials want their banking experiences to be seamless, smart and personalised. Neobanks and FinTechs offer a better customer experience but lack the customer base and brand strength to deliver the full portfolio of services consumers demand.
Collaborating in digital ecosystems is the answer. Ecosystems where traditional financial services companies and FinTechs combine their services to act as a one-stop-shop, offer everything banking customers need at defining moments in their lives. To accomplish this, the legacy architecture of banks needs to be connected with the agile apps of FinTechs.
By building an open API system on top of the existing architecture, banks can easily connect to external services. APIs ensure that these extra services can be offered faster than the competition, allowing banks to combine time-to-market with customer experience.
Watch this on demand webinar to discover how MuleSoft can unlock the power of API’s for Banks and Insurers.