HSBC, one of the largest banks in the world, is building a digital platform with APIs to unlock open banking opportunities
With MuleSoft’sAnypoint API Community Manager, HSBC is co-creating new customer experiences with a broader ecosystem of developers and partners in the API economy
MuleSoft, provider of the leading platform for building application networks, today announced that HSBC is leveraging MuleSoft’sAnypoint Platform to build a digital banking platform to power the bank of the future. As one of the largest banking and financial services organizations in the world, HSBC is taking advantage of open banking to drive new, connected experiences for its more than 38 million customers worldwide. With MuleSoft and its Anypoint API Community Manager, HSBC is building APIs that securely unlock access to core banking products to enable collaboration with partners, accelerate innovation and open new revenue channels.
The rise of PSD2 requirements and open banking are requiring financial institutions to share customer data with third-party developers via APIs. Connected customer experiences have become the new battleground. Banks are going through a revolution where they must move from transactions to personalized interactions and digital services for customers. HSBC is leveraging an API strategy to develop a digital platform and co-create new experiences with a broader ecosystem of developers and partners.
“HSBC is driving incredible innovation in the era of open banking through API-led connectivity,” said Dinesh Keswani, group CTO and CIO of retail digital banking, HSBC. “We are moving to serving customers across multiple online and offline channels. With MuleSoft, HSBC has built thousands of APIs in an application network and deployed them across multiple environments to deliver new and consistent experiences. We’ve been able to reduce our app development time by 75% and release new functionality to consumers every two weeks versus once a quarter.”
Building a digital banking platform
HSBC realized that the bank of the future will be a digital platform, powered by a collection of APIs that enable truly connected, multi-channel experiences. The bank chose MuleSoft and its API-led approach to connectivity to develop a shared services platform for secure asset reuse and business self-service. HSBC was able to turn its core banking products, including credit cards, mortgages, and payments, into APIs in an application network that can be easily and quickly assembled to create new experiences.
For example, HSBC can draw data from legacy systems using APIs to enable new features, such as showing customers an overview of their spending across all their bank accounts.
Building APIs with MuleSoft, HSBC can unlock its backend systems and connect them with trusted third parties to develop a range of other new customer-facing services. By enabling an API ecosystem to innovate on top of its core bank platform, HSBC can drive speed, agility and innovation at scale to deliver more value for its customers.
Tapping into the API economy
In the same way that APIs have accelerated internal innovation, external APIs present the opportunity for HSBC to collaborate with partners and create new revenue channels. In this new API economy, developers are HSBC’s new customers and developer portals are the new customer storefront. To engage and evangelize its APIs to developers, HSBC is leveraging API Community Manager built on Salesforce Community Cloud and Salesforce Service Cloud to deliver an internal and external developer portal that will span more than 30 markets and three global businesses.
API Community Manager uniquely combines a full-featured API portal and industry-leading digital experience capabilities, transforming how teams collaborate across the entire lifecycle of an API program. With API Community Manager, HSBC can easily build and engage API ecosystems, so it can foster new partnerships to deliver joint business value and innovate faster. For example, HSBC’s Mortgage API could be applied to home buying websites so that consumers can filter houses for which they are pre-approved.
“With MuleSoft supporting our API program, HSBC is leading innovation in a highly competitive developer-driven third-party ecosystem,” said Keswani. “Using Anypoint Platform, we can easily integrate with new internal and external applications and create new digital capabilities that deliver personalized experiences.”
HSBC at Dreamforce 2019
HSBC will be featured in the Integration Keynote on Wednesday, November 20 at 5 p.m. PT in Moscone North, Hall F. To tune into the keynote live stream, please visit: https://www.salesforce.com/video/7488080/.
Dreamforce is the world’s largest software conference with more than 171,000 registered attendees and 13 million online viewers. Bringing together thought leaders, industry pioneers, and Trailblazers, Dreamforce is the ultimate expression of Salesforce’s values of trust, customer success, innovation and equality. With more than 2,700+ sessions, Trailblazers in every role and industry will learn how to achieve a 360-degree view of their customers and get hands-on with Salesforce’s latest product innovations including AI, voice, integration and online learning. To learn more, please visit: www.salesforce.com/dreamforce.
About Anypoint Platform
MuleSoft’sAnypoint Platform™ is a leading application network platform. It allows organizations to create composite applications that connect apps, data, and devices through API-led connectivity to form a flexible application network. Anypoint Platform is a unified, single solution for iPaaS and full lifecycle API management, both on-premises and in the cloud.
About MuleSoft, a Salesforce company
MuleSoft’s mission is to help organizations change and innovate faster by making it easy to connect the world’s applications, data and devices. With its API-led approach to connectivity, MuleSoft’s market-leading Anypoint Platform™ empowers thousands of organizations to build application networks. By unlocking data across the enterprise with application networks, organizations can easily deliver new revenue channels, increase operational efficiency and create differentiated customer experiences. For more information, visit https://www.mulesoft.com.
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360-degree view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.
Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag
FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in a 300 million euro ($364 million) hit to revenue, weekly Welt am Sonntag reported, citing sources close to the bank.
The lender hopes to offset the drop by growing its loan business as well as by expanding its business with corporate and very wealthy clients, the report said, without giving any further detail of why customer numbers were expected to decline.
It also didn’t say if any specific category of client was most likely to be lost.
Commerzbank declined to comment.
According to the bank’s website it serves around 11.6 million private and small-business customers in Germany and more than 70,000 corporate and other institutional clients worldwide, so the reported loss of customers would suggest a drop of around 15%.
The bank earlier this month reported a $3.3 billion fourth-quarter loss, sinking further into the red as it continued a major restructuring and dealt with the fallout of the COVID-19 pandemic.
The bank’s restructuring plan involves cutting 10,000 jobs and closing hundreds of branches in the hope it can remain independent.
($1 = 0.8253 euros)
(Reporting by Christoph Steitz and Tom Sims; Editing by David Holmes)
Citigroup considering divestiture of some foreign consumer units – Bloomberg Law
(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter.
The discussions are around divesting units across retail banking in the Asia-Pacific region, the report https://bit.ly/3pD57WP said.
“As our incoming CEO Jane Fraser said in January, we are undertaking a dispassionate and thorough review of our strategy,” a Citigroup spokesperson told Reuters.
“Many different options are being considered and we will take the right amount of time before making any decisions.”
The move, part of Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested, the Bloomberg report said.
However, no decision has been made, according to the report.
Revenue from Citi’s consumer banking business in Asia declined 15% to $1.55 billion in the fourth quarter of 2020.
The divestitures could be spaced out over time or the bank could end up keeping all of its existing units, the Bloomberg report said.
The firm is also reviewing consumer operations in Mexico, though a sale there is less likely, the report said, citing one of the people.
Last month, New York-based Citigroup beat profit estimates but issued a gloomy forecast for expenses. Finance head Mark Mason said the lender’s expenses could rise in 2021 in the range of 2% to 3%, weighing on its operating margins. (https://reut.rs/2ZwXRB1)
(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)
European shares end higher on strong earnings, positive data
By Sagarika Jaisinghani and Ambar Warrick
(Reuters) – Euro zone shares rose on Friday, marking a third week of gains, as data showed factory activity in February jumped to a three-year high, while upbeat quarterly earnings boosted confidence in a broader economic recovery.
The euro zone index was up 0.9%, with strong earnings from companies such as Acciona and Hermes brewing some optimism over an eventual economic recovery.
The pan-European STOXX 600 index rose 0.5%, as regional factory activity was seen reaching a three-year high on strong demand for manufactured goods at home and overseas.
Another reading showed the euro zone’s current account surplus widened in December on a rise in trade surplus and a narrower deficit in secondary income.
Still, the STOXX 600 marked small gains for the week, having dropped for the past three sessions as investor concern grew over rising inflation and a rocky COVID-19 vaccine rollout.
But basic resources stocks outpaced their peers this week with a 7% jump, as improving industrial activity across the globe drove up commodity prices.
“This week’s slightly adverse price action has all the hallmarks of a loss of momentum temporarily and not a structural turn,” said Jeffrey Halley, senior market analyst at OANDA.
“There is not a major central bank in the world thinking about taking their foot off the monetary spigot, except perhaps China. (Markets) will remain awash in zero percent central bank money through all of 2021 (and) a lot of that will head to the equity market.”
Minutes of the European Central Bank’s January meeting, released on Thursday, showed policymakers expressed fresh concerns over the euro’s strength but appeared relaxed over the recent rise in government bond yields.
The bank’s relaxed stance was justified by the euro zone economy requiring continued monetary and fiscal support, as evidenced by a contraction in the bloc’s dominant services industry in February.
The STOXX 600 has rebounded more than 50% since crashing to multi-year lows in March 2020, with hopes of a global economic rebound this year sparking demand for sectors such as energy, mining, banks and industrial goods.
London’s FTSE 100 lagged regional bourses on Friday due to a slump in January retail sales and as the pound jumped to its highest against the dollar in nearly three years. [.L] [GBP/]
French carmaker Renault tumbled more than 4% after posting a record annual loss of 8 billion euros ($9.68 billion), while food group Danone and German insurer Allianz rose following upbeat trading forecasts.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Sriraj Kalluvila and Shailesh Kuber)
Former Bank of England Governor Carney joins board of digital payments company Stripe
By Kanishka Singh (Reuters) – Mark Carney, former head of the UK and Canadian central banks, has joined the board...
Airbus CEO urges trade war ceasefire, easing of COVID travel bans
By Tim Hepher PARIS (Reuters) – The head of European planemaker Airbus called on Saturday for a “ceasefire” in a...
Why a predictable cold snap crippled the Texas power grid
By Tim McLaughlin and Stephanie Kelly (Reuters) – As Texans cranked up their heaters early Monday to combat plunging temperatures,...
UK could declare Brexit ‘water wars’ – The Telegraph
(Reuters) – Britain could restrict imports of European mineral water and several food products under retaliatory measures being considered by...
Commerzbank to lose 1.7 million clients by 2024 – Welt am Sonntag
FRANKFURT (Reuters) – Commerzbank expects to lose 1.7 million customers by 2024 as part of its current restructuring, resulting in...
Bitcoin and ethereum prices ‘seem high,’ says Musk
(Reuters) – Billionaire CEO Elon Musk said on Saturday the price of bitcoin and ethereum seemed high, at a time...
Sunak to raise business tax to pay for COVID-19 support – The Sunday Times
(Reuters) – British finance minister Rishi Sunak is set to increase a tax on business to pay for an extension...
FTSE Russell to include 11 stocks from China’s STAR Market in global benchmarks
SHANGHAI (Reuters) – Index provider FTSE Russell will add 11 stocks from China’s STAR Market to its global benchmarks, according...
Foxconn chairman says expects “limited impact” from chip shortage on clients
TAIPEI (Reuters) – The chairman of Apple Inc supplier Foxconn said on Saturday he expects his company and its clients...
Bitcoin, ether hit fresh highs
SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its...