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How to get started with open banking

Aug 14, 2023 | Admin, Data Integration, Financial Services, Latest News

It doesn’t take much (technically) to get started—other than the green light and buy-in of all your stakeholders, which is often no small task. Getting everyone on board and agreeing to share customer data with third parties via APIs is, well, difficult. The promises of increased revenue, improved CX, and enhanced transparency are nice but often not enough to eradicate the fears looming around compliance and security.

That’s why partnering with proven vendors and consulting experts as we discussed in chapter two is critical. The APIs your organization leverages for open banking need to be designed not only for “compliance alone” and “box-ticking to satisfy the regulators” but also designed to be “discoverable and reusable.” 

This means your open banking strategy must be open to connecting backend systems with third-party developers for a variety of customer services and new revenue channels with innovative, cutting-edge technology partners at your side. You can’t make it alone. Open banking is, at its core, a collaborative effort that demands partnerships and a drive to discover changes and innovation together. 

That’s why Simplus, with our years of experience and record for long-lasting consulting relationships with enterprise clients, is the perfect match to guide you through not only the initial setup of an open banking strategy but ongoing development and innovation for a prosperous future. We start exploring the possibilities with Advisory, build the initial foundation with Implementation, and continue to secure innovation for years to come with Strategic Services.

 

Explore What’s Possible with Advisory

First off, it’s important to evaluate your current state and compare it with your future goals in regard to tech stack organization and data management. Legacy tools, data migrations, M&A changes, and more can quickly complicate the landscape, but our Advisory practice leverages proven exercises like technical assessment and blueprinting to simplify these common financial institution challenges. 

This Advisory engagement focus on mediating the impact of overly customized solutions, absent integration strategy, and lackluster alignment across business departments. Our primary objectives at this stage are to analyze and design a solution that lowers your technical debt and IT overhead so you can begin open banking with the most room to grow and innovate. Other Advisory Services and deliverables may include DevOps analysis, data model review, system integration evaluation, etc. 

 

Start Building with Implementation

With our tech architecture analyzed and designed through an Advisory engagement, your organization is ready to build. Simplus is experienced in an array of Salesforce solution implementations, as well as partner integrations and add-ons to complete the functionality of your cloud foundation and prime it for open banking API development. 

We have dedicated MuleSoft-certified resources to guide implementation with API management in mind and ensure your integrations are secure. Whether it’s Financial Services Cloud, MuleSoft, Service Cloud, Marketing Cloud, or more, our team has the chops to get it done—and get it done right for your unique goals. 

 

Secure the Future with Ongoing Strategic Services

Simplus’ Strategic Services are the best of the best when it comes to managed services providers (MSPs). We help lower your costs by doing the job (and then some) of an in-house Salesforce and MuleSoft admin team. By offsetting skills gaps and delivering deeper expertise to run your systems, manage updates, and scale the implementations for ongoing growth, Strategic Services fosters continuous innovation. 

Our partnership relationships with leading technology vendors partners, especially MuleSoft for open banking initiatives, can also be leveraged with Strategic Services to provide more specialized input and guidance when required during times of increased workload and demand. This means you have access to top-tier talent without the risk and cost of hiring full-time resources.

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