Customers’ appetite for fast and intuitive digital experiences is accelerating, and the pressure to keep pace can be felt across the banking and financial services industry. However, the inability of core banking systems to keep up with the demands of modern technologies, such as processing transactions in real-time, ensuring quick product releases, and scaling up and down their infrastructure needs when required, is one of the key reasons why banks fail to deliver intelligent customer-centric services.
An API-led connectivity approach can help banks horizontally integrate their systems to fully digitize the banking experience for customers. Banks have vast amounts of customer and transaction data, which is an advantage. However, most customer information is stuck in organizational silos, resulting in disconnected experiences across all sales and marketing channels and lines of business.
Data synchronization is one of the most challenging integration scenarios for banks. Core banking data like accounts, cards, and transactions are required to be accessed by other systems. CRM software, like Salesforce, need access to this data so that customer care representatives can better handle the dispute calls on the transactions as well as inquiries and complaints. Another challenge is that data is often available in different formats. Standardizing data and bringing it to an API Platform so that it is easily accessible for the banking systems to be consumed readily is a key problem that needs to be addressed.
Nous Core Banking System Integration Framework
Nous Core Banking System Integration Framework is a set of MuleSoft artifacts that allows leading core banking solutions such as JHA, Silverlake, FIS, and Fiserv to integrate with applications such as Salesforce, ServiceNow, databases, and custom applications quickly and efficiently. The framework defines standard integration practices to be followed using prebuilt templates that seamlessly integrate the banking landscape for day-to-day banking processes.
Nous Core Banking Solution Framework has a set of accelerators that makes it easier to synchronize data on similar objects between different core banking services and Salesforce. A few of the solution templates are listed below for the data accessibility and automation needs -
- Customer 360 view builder
- Data synchronization solutions
- Data aggregation solutions
Benefits of Nous Core Banking Solution Framework
When deployed, Nous’ MuleSoft-based Core Banking Solution Framework will provide a set of APIs that can take care of data accessibility needs for the configured objects in core banking and Salesforce. It also addresses automation, orchestration, and security needs to a great extent. The template-based mechanism helps to map records and fields between core banking products and other systems, ensuring better maintainability and reuse. The enterprise integration framework in MuleSoft caters to most of the core banking integration requirements with great precision.
Following are some of the benefits of implementing the Nous Core Banking Solution Framework -
- Quick integration of core banking products with other banking systems like Salesforce
- Configuration of new objects for synchronization between systems
- Synchronization of fields that are of interest, thereby providing restricted data visibility
- Handling synchronization needs by simple configurations
- Data and API aggregation through a user-friendly interface
- Lesser coding needs through automated code generation
- Improved reliability and scalability through robust designs
Nous Core Banking System Integration Solution offers pre-built services to unlock the core banking system and facilitate rapid API-led connectivity between leading core banking solutions and lending systems using out-of-the-box integration templates. It empowers the banking ecosystem with APIs and enables a bank’s developers, partners, and customers to discover and reuse APIs. Nous Core Banking Integration Solution helps deliver connected customer experiences faster across channels and all lines of business.