Moving Beyond the Branch: Driving Digital Innovation in Banking

Delivering convenience through best-in-class digital experiences

Across all industries, customers are spending more time online than ever before. They’re engaging with a screen to order groceries, manage subscriptions, and consult with medical professionals. And their expectations for financial services providers are following suit.

In fact, a Salesforce report reveals that 78% of customers want companies to deliver digital versions of traditionally in-person experiences. Is your company planning to offer convenient, digital touchpoints to double down on customer-centricity?

Recently, we spoke with leaders at DXC Technology to discuss how MuleSoft helps modernize the company’s industry-leading banking platform, Hogan. As a core solution supporting banks for more than four decades, Hogan plays a defining role in digital transformation initiatives across the banking industry.

Discover how banks and financial services providers are transforming to align their digital ecosystems with modern consumer expectations in this conversation with Duncan Alexander, Global Product Director Core Banking, DXC Technology.

Speak about the relationship between DXC Technology and MuleSoft: What’s the biggest opportunity you see in being a part of this ecosystem?

Our partnership with MuleSoft enables Hogan-powered banks to satisfy growing demands for convenient digital experiences. Impending economic uncertainty will test customer relationships, so it’s never been more important to be aligned with what consumers want. The companies that offer best-in-class experiences stand to see the most growth. And as most customers embrace the new norm of remote banking, it’s clear that these expectations are transforming our industry as well.

MuleSoft is what brings the convenience layer into the conversation for the banks that we support. It enables their system of record, Hogan, to seamlessly and securely exchange customer information (think recent transactions, fund transfers, and created accounts) to the interfaces that make the customer’s life easier, like the account portal on their mobile device.

How do Hogan and MuleSoft work together to help your clients innovate their digital ecosystems and deliver more convenience to customers?

Because Hogan is at the heart of a bank’s enterprise applications, it must be able to communicate seamlessly with the other platforms that power the bank. But the interaction between these third-party applications and Hogan is often technologically complex, making it difficult for our clients to manage the orchestration between Hogan and the systems that deliver digital customer experiences.

That’s where MuleSoft comes in. It’s a futureproof solution for using Hogan alongside other banking applications, such as Salesforce Financial Services Cloud, because it allows the enterprise systems to exchange information in real time by simplifying the integration process. As a result, the entire ecosystem becomes easier to maintain and manage. Teams benefit from automations that boost productivity and cut costs, and the bank’s customers benefit from seamless digital touchpoints that encourage repeat business.

Simplifying the complexity of the bank’s existing operational ecosystem is only part of the value. With help from MuleSoft, our clients can also take full advantage of new developments in the industry. With a connective structure in place linking Hogan with the rest of the ecosystem, banks can more easily adopt the emerging financial technology that creates best-in-class customer experiences while accelerating its time-to-value.

How do Hogan and MuleSoft work together to support the transition to a more holistic banking experience for customers?

The industry is shifting rapidly to adopt “banking-as-a-lifestyle” in response to modern consumer expectations. This approach focuses on supporting a customer’s end-to-end experience from one phase in their financial journey to the next. For the customer, this looks like more personalized products, services, and recommendations. For banks, that means added value throughout the customer lifecycle and more opportunities to grow revenue.

A comprehensive overview of each customer is essential for unlocking this potential. It’s MuleSoft that facilitates the flow of customer data from Hogan to the other applications, bringing that 360-degree view of the customer to the forefront of the bank’s products and services. When you use MuleSoft to connect all of the platforms that support the customer relationship, you can reduce the number of redundant systems and optimize process efficiencies. Ultimately, this paves the way for more impactful customer engagements and increased cost savings.

Suppose a customer is seeking a loan application through their bank’s loan servicing platform. MuleSoft simplifies the exchange of customer data between Hogan, the rest of the bank’s operational ecosystem, and the loan platform. By automatically integrating the workflows and data that support the application process, the bank can rapidly create an offer that’s tailored to the customer’s unique financial situation. That level of personalization and speed can really differentiate a bank and lay the groundwork for long-term loyalty.

What are some automations and efficiencies your customers realize through this partnership with MuleSoft?

Think about what the customer onboarding process looks like within a bank. A complex web of platforms and databases are called on to verify the customer’s identification, flag any former nefarious activity, and validate their financial need. When MuleSoft connects Hogan with this web of systems, the bank can automate this process and get the new customer set up in as little as five minutes. This efficiency goes further than delivering a convenient, simplified experience to the customer. It also streamlines a workflow that’s essential to maintaining security and mitigating risk.

As Hogan banks use MuleSoft to build new, convenient experiences, they can repurpose their APIs and integrations to support other customer-focused digital initiatives. The reusability of these components reinforces efficiency, cost savings, and time-to-value, all while reducing the reliance on developers to get things up and running. By seamlessly automating processes and uniting mission-critical systems, teams free up time for higher-value work that drives growth, unlocks innovation, and accelerates transformation.

It’s essential for financial services providers to strengthen the customer relationships at the core of their business. MuleSoft empowers both business and IT leaders to rally around the customer by securely connecting all of the systems that fuel their digital experience, enabling banks to strengthen relationships while increasing savings.

For example, we recently helped an international banking group develop a self-service portal for customers that modernizes every aspect of banking. With MuleSoft and Hogan supporting the integration of nearly a dozen platforms that power the offering, the leading bank was able to launch a feature-rich application that moves beyond the boundaries of traditional banking services. Now, customers can access their account activity, consult with financial coaches one-on-one, and attend savings workshops right from their mobile devices.

Conclusion

Because customers are increasingly attracted to experiences that offer convenience and flexibility, financial institutions are feeling the pressure to transform in a way that enables them to meet these expectations. And as economic uncertainty looms, both business and IT leaders are challenged to work with leaner budgets. MuleSoft and DXC Hogan empower banks to deliver after all these challenges with an integration strategy that’s grounded in reusability. This saves time and cost, all while keeping customer experience front and center.

Learn more about DXC Technology’s Hogan APIs on MuleSoft’s Anypoint Exchange or contact our team, click