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Why open banking is easier than you think

Aug 10, 2023 | Admin, Data Integration, Financial Services, Latest News

Your open banking strategy is an investment in the future—the long haul future. As such, it’s going to need trustworthy partners from the start to see it through from initial baby steps to a thriving API ecosystem of ongoing innovation and revenue development. 

There are two categories of partners you’ll need to evaluate, select, and trust for long-lasting open banking relationships: product vendors and consulting partners.


Product Vendors: Salesforce and MuleSoft

First things first: if your organization does not already have an enterprise single source of truth (SSOT) product vendor, you need to get one. Open banking is API-focused, but it needs reliable data to fuel those APIs, and a reliable CRM platform that is designed with your industry needs in mind is the perfect stage. We recommend Salesforce Financial Service Cloud as the SSOT for all your customer data and interaction tracking. 

Financial Services Cloud is Salesforce CRM designed specifically for financial services organizations, especially banking. It’s focused on driving client relationships with personalized service touchpoints, proactive and predictive data analytics, and automation and productivity functionality to enhance engagement between banking advisors and the clients they serve. Used properly and adopted throughout the organization, it can become the beating heart of your organization’s information and, consequently, your future growth. 

With a reliable CRM and AI-fueled SSOT laying the foundation through Salesforce Financial Services Cloud, you can expand that offering with the API management power of Mulesoft. MuleSoft, a Salesforce subsidiary since 2018, is the leading provider of data integration and API management tools. The MuleSoft Anypoint Platform is designed to accelerate application delivery with quality security and pre-built assets in the ecosystem to get you started. You can transform data, test API integrations, and send to integration pipelines with built-in support.

MuleSoft is the market’s best offering for secure, innovative open API development, and it understands the ever-changing needs to keep the technology relevant through changing regulatory standards that are actively taking shape. Its Anypoint Platform is built natively to work alongside Salesforce and leave room for the changing compliance landscape unique to financial institutions. MuleSoft isn’t in the business of mere technology replacement and rebuilding that will become irrelevant in a few years of progress. It’s here to foster the evolution and growth of API development.  

A Salesforce Financial Services Cloud with MuleSoft combo sets the product stage perfectly for open banking to succeed. All that remains is a stage crew to support you. 


Consulting Partners: Simplus and Infosys

Simplus, and our parent company Infosys, are the top-tier choice for holistic enterprise-level transformation and consulting of your tech landscape. From health check advising and exploring solutions to implementing and cleaning up existing builds, we span the entire lifecycle of support. Infosys acquired Simplus in 2020 to expand its Salesforce wing of consulting services and expertise, and together we have worked with some of the largest brands in the world to accelerate next-gen innovation on the cloud. 

For financial services specifically, Infosys and Simplus have years of experience working with Salesforce and MuleSoft to set up the API functionality banking institutions need to pivot and keep up with their fintech competitors, even becoming “fintech” in their open banking innovation themselves. We know what it means to juggle the need for engaging customer relationships with the scrutiny of privacy and security demands. We’re prepared to advise and design a solution just right for these needs that still keeps the future wide open for growth and expanding opportunities within the open banking ecosystem.