By turbocharging their agile development processes, and putting in place a modern, cloud-native, low-code development platform, financial services institutions can realise benefits quickly, and accelerate innovation by reducing integration times by as much as 90 per cent.
The best way to demonstrate this is to describe the experience of one of mutual bank clients of Boomi, Dell Technologies business At almost 200,000 members and with $5 billion in assets, it is one of Australia’s largest mutual banks.
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To stay competitive and continue to grow its membership base, the bank embarked on a digital transformation program in 2014 to help it deliver a world-class mobile-first omnichannel experience, while also positioning it to connect easily to new and emerging fintech services.
Doing this required a complete systems overhaul.
In initial conversations with its core banking provider, Ultradata, the bank identified a number of requirements, including:
- Streamlining banking operations
- Creating APIs that could connect Ultradata’s CRM system to more points across the business, including business process management toolsets
- Leveraging the investment in its newly created customer data warehouse
But there was a problem: the bank’s manual integration processes required time-consuming custom coding. This simply could not be done fast enough to meet its goal of accelerating the responsiveness of its IT operations and transform the business.
Since integration sits at the heart of unifying disparate data, the bank’s integration strategy became pivotal to its digital transformation efforts which, in turn, would drive speed and agility for the business.
The bank partnered with Boomi and within two month of deployment, it had its first Boomi integration running — a trial project with Google Analytics and LinkedIn.
Looking back, the bank can identify a range of better business outcomes. In addition to delivering on the omnichannel promise and lowering integration costs, it was also able to deliver lower IT operating costs through the provision of flexible, dynamic connectivity.
The bank was also able to minimise manual work such as file transfers and custom coding to build integrations.
And by connecting business process management tools to core banking systems and workflows it was able to automate and streamline bank operations.
These days the bank needs only two IT technicians to build and manage its extensive set of integrations. Business users can even build their own connections, reducing demand on IT for bespoke help.
It used Boomi to integrate approximately 40 applications, such as a financial management app, and a prepaid Visa card for minors that can be managed through a mobile app.
It also released a mobile banking application that uses Boomi integrations to create a seamless digital banking experience. With fingerprint ID login, users can view balances, report a lost or stolen card, and make real-time and scheduled payments.