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Banks such as HSBC looking to APIs to mitigate the challenges of legacy technology

Danny Healy, financial technology evangelist, MuleSoft

Talking to IBS Intelligence Danny Healy, financial technology evangelist, MuleSoft said that legacy systems have been cited among the top three challenges banks face to digital transformation, highlighting the impact they have on a bank’s ability to innovate and remain competitive.

Healy said: “As a result, 2019 will see banks focus more than ever on modernising legacy systems. Given the immense value locked up in these systems, and the depth to which they are embedded in a bank’s entire operations, ripping them out and replacing them simply isn’t an option. As such, banks will need to find creative ways to modernise and unlock the data within these systems to drive innovation.

“APIs will emerge as the preferred solution acting as a central mechanism for enabling the integration that banks require. With a thoughtful API strategy, banks can form a new agility layer, known as an application network, between modern and legacy IT. In simple terms, APIs enable banks to quickly plug and unplug applications, data sources and devices, so they can accelerate innovation even as market conditions change.

“Some banks have already started to use an API approach to support legacy modernisation efforts. For example, HSBC is using APIs to draw data from legacy systems to enable its new open banking app, which can show customers an overview of their spending across all their bank accounts. APIs enable this by exposing and connecting data from siloed data stores wherever they reside, both within the bank and externally. We can expect more banks to follow in HSBC’s footsteps in 2019, especially in light of open banking.”

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