The third building block involves taking on an agile development approach. By doing so, organisations will be empowering and enabling groups that work within their own area of IT to reuse the API. This results in moving towards a more agile team-based development.
What should Asian FSIs look for when selecting an API integration tool / platform?
MuleSoft has some strong views on what are the key attributes of an API platform. The first thing is that it needs to be a platform. Separating one aspect from API — for example API management from connectivity — means organisations will need to integrate two different tools.
Look for a platform that considers all your productivity needs. It should also enable you to do all aspects of API — not only lifecycle, but also provide the ability to connect and orchestrate whatever you need from an application, data and device perspective, and to be able to support those APIs. Ensure that the single platform allows you to do that on-premise, in the cloud or some combination; enables you to combine legacy applications with cloud-based SaaS apps; and provides real-time processes as well as backed processes. From an API perspective, the platform should also provide capabilities from design through build through to manage, run and retirement.
Beyond the platform, you want to build with a vendor that understands connectivity in all its forms, one that takes a holistic approach, and can bring to the table not only the platform but the processes, tools and IP to support what the customer needs to achieve.
Ultimately, to be successful, you have to get to production. You have to have somebody who can partner with you and help you implement the strategy. If not, what you have is a great vision but not much in the way of execution. To be able to do that, the partner you choose needs to be present in this region, in the key places you need to be, and they need to have a strong partner network to support you in other countries. They should have the technical support, resources, the other peripherals you need based within the region.
Could you share with me how one of your Asian FSI customers have benefitted from your solutions?
Our Asian FSI customers are actually very similar to our global customers. For insurance companies, they want to better connect across their lines of business. Insurance companies have been very siloed from a product perspective, and nowadays they want to be able to use that single view of customers to become customer-centric instead of product-centric. This helps them not only to improve their revenues for better cross-sell and upsell, but also enables them to better interact with their broker channels. They also want for brokers to recommend their products over other people's products, and brokers will do that if they have a better experience with the insurance provider. So it's pretty key to get mindshare with the brokers by having better connectivity solutions at that level.
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