LEADERSHIP

38 many banks have silos that don ’ t communicate with each other .” With technology operations siloed , the same is true for data , meaning the plethora of information at companies ’ fingertips has yet to be utilised by banks for the greatest possible benefit .

“ Innovations are now starting to appear within mobile banking apps from a number of banks ,” Healy continues . “ Some of that is in response to challenger banks which have created a more competitive environment .” This competition has promoted banks to look at the way they utilise their data and capabilities , and adopting APIs mean they can firstly better connect their legacy systems to make the most out of what they have , and then innovate with the help of third parties . “ There ’ s a lot of data there , but it ’ s very fragmented ,” Healy comments . “ So they ’ ve thought about how they can expose this data in such a way that their banking capabilities can be consumed really easily into a new innovation project .”

APIs and technology transformation is a mammoth task for even the largest financial institution . “ In terms of where data and banking capabilities are today , it ’ s not the most accessible ,” says Healy . “ It was all based on tech- nology from 10 or 20 years ago , not the sort of tools a mobile developer would use , for instance . However , they can move forward by making those older systems look to the development teams building those kinds of mobile apps . They can expose their underlying capabilities with a set of

Danny Healy Regional Executive MuleSoft

With all the information in their possession , bringing this together through

MAY 2019