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API strategy crucial for banks looking to meet GDPR rules

Danny Healy, API professional at platform developer MuleSoft

APIs can help banks to improve their data hygiene and reduce the risk of taking a blow from GDPR, a leading API expert has advised.
“Customer data is fragmented across a number of systems in banks,” said Danny Healy, API professional at platform developer MuleSoft. “If you have an API strategy, then when customer data is accessed you have more visibility about where customer data is. It is a layer of governance. An API strategy has incorporates well with a bank’s GDPR strategy – and not just banks but other sorts of organisation too.”
Healy pointed out that GDPR requires clear control of data, which creates a significant challenge for banks, along with many other data-led, heavily regulated industries, which often suffer from a build-up of multiple copies of data in silos across the business.
“As such, it’s difficult to identify and delete every instance of an individual’s data on request,” he added. “There’s a risk that despite their best efforts, some data will fall through the cracks – leaving the bank non-compliant with GDPR.”
Healy pointed out that APIs can play a central role in other customer areas, citing Mulesoft customer Wells Fargo which he said has driven a digital transformation journey to deliver a unified customer experience. Wells Fargo Gateway is its banking-as-a-service platform that provides key services — such as account servicing, payments and foreign exchange — through exposing APIs to Wells Fargo’s partners and developers.
This platform, he said, was foundational to One Wells Fargo, the bank’s transformation program aimed at unifying customers’ experience around any interactions with the bank — whether it is over phone, web, or mobile. Through API-led connectivity, services from all partners and applications are seamlessly integrated into the Wells Fargo experience and consistently rendered on any channel.

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