SAN FRANCISCO, March 30, 2021 /PRNewswire/ -- MuleSoft,
provider of the world's #1 integration and API
platform, today announced that TAB Bank is using MuleSoft to build
its open banking strategy and grow an ecosystem of partners. TAB
Bank is a modern, digital-only bank that specializes in serving
small and medium enterprises (SMEs), which account for the
majority of businesses in the United
States. TAB Bank's online-only customer base
depends on digital experiences that are easy-to-use and connected.
With MuleSoft's Anypoint Platform™, TAB Bank is able
to quickly meet customer expectations, now processing SME loans 60x
faster than before.
Scaling innovation with an open banking platform
To
deliver new digital services, TAB Bank is taking advantage of open
banking by partnering with third-party fintechs and partners. TAB
Bank is able to securely unlock access to core banking products
with APIs built on MuleSoft that can then be reused for new
solutions. This means partners can easily access key banking
functionality – such as new customer account creation, mandatory
Know Your Customer (KYC) verification processes, and transaction
processing – to create new experiences faster.
For example, leveraging an Open Banking API, TAB Bank
transformed its online application experience from a fillable PDF
application to a solution that enables customer account and
transaction data to flow in real-time between back-end and
third-party systems. In doing so, TAB Bank offers customers a fully
automated enrollment process that can be completed in just three
minutes.
Accelerating critical consumer services using open banking
foundation
With an open banking platform in place, TAB Bank
can use the open APIs built on MuleSoft to make banking data
available in real-time so that it can speed up critical services
for its customers. TAB Bank can quickly integrate critical
customer, account, and transaction data from disparate systems and
processes to its open finance solution, Plaid Exchange. Through
this integration, TAB customers are able to link their account to
Plaid-powered fintech applications in a seamless, secure and
reliable way.
In addition, with its data connected using MuleSoft, the bank
can now streamline account creation so that customers can open new
online banking accounts in just three minutes – 100x faster than it
took previously. TAB Bank also dramatically sped up its
business-critical Paycheck Protection Program (PPP) loan approval.
TAB Bank reduced the time needed to process each PPP application
from an average of 30 minutes to as little as 30 seconds, while
reducing reliance on manual application approval processes by
80%.
"Prior to COVID-19, SMEs were underserved by
traditional providers when it came to loans, but the pandemic
worsened this reality," said Curt
Queyrouze, president, TAB Bank. "As the premier
SME banking platform, we support our customers with the services
they need not just to survive, but to thrive. MuleSoft is a
strategic partner, allowing us to deliver services to our customers
much faster than would be possible otherwise. We have greatly
simplified our loan approval processes with MuleSoft, helping us
deliver 6,100 PPP loans that have protected more than 47,000 jobs
during the COVID-19 pandemic."
Now with 200 reusable APIs, TAB Bank has transformed into a
composable, digital bank that is able to automate manual processes
and deliver business-critical services to customers, faster.
Additional information
- Get the deep dive into how TAB Bank transformed its customer
experience on the MuleSoft blog.
- For deeper insight into how organizations around the world are
driving their digital transformation initiatives, download the 2021
Connectivity Benchmark Report.
- Register to virtually attend MuleSoft CONNECT, the
world's leading integration event, to learn best
practices for solving the business challenges and trends that are
shaping the future of IT.
- Tune in to the latest episode of MuleSoft's CIOs
Unfiltered series to hear how leaders are adapting to the changing
market dynamics at speed.
About MuleSoft, a Salesforce company
MuleSoft,
provider of the world's #1 trusted integration and API
platform, empowers any company to quickly unlock and integrate
their apps and data to create connected experiences, faster.
For more information, visit: https://www.mulesoft.com.
About Salesforce
Salesforce, the global CRM leader, empowers companies of every size
and industry to digitally transform and create a 360° view of their
customers. For more information about Salesforce (NYSE: CRM),
visit: www.salesforce.com.
MuleSoft is a registered trademark of MuleSoft, Inc., a
Salesforce company. All other marks are those of respective
owners.
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SOURCE MuleSoft