Utah-headquartered digital bank TAB Bank is using MuleSoft to build its open banking strategy and grow an ecosystem of partners.
Moreover, TAB Bank executed its open banking strategy in just three weeks. And it says that deploying Mulesoft’s kit means that it can streamline loan processing from 30 minutes to 30 seconds.
Go deeper with GlobalData
TAB Bank set up shop in 1998 as Transportation Alliance Bank. The lender targeted the transportation industry in general and truckers in particular.
Today, it specialises in serving small and medium enterprises (SMEs).
With MuleSoft’s Anypoint Platform, TAB Bank says it is able to quickly meet customer expectations, such as 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. For example, it is partnering with third-party fintechs and partners. TAB Bank is able to unlock access securely 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. These include new customer account creation, mandatory Know Your Customer (KYC) verification processes, and transaction processing. As a result, the bank creates new experiences faster.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTAB Bank is transforming its online application experience. Before, it used a fillable PDF application. It now uses 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 enrolment process that can be completed in just three minutes.
Accelerating critical consumer services using open banking foundation
With open banking, TAB Bank can use the open APIs built on MuleSoft to make banking data available in real-time. Again, it speeds 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. So TAB customers are able to link their account to Plaid-powered fintech applications in a seamless, secure and reliable way.
“Prior to COVID-19, SMEs were underserved by traditional providers when it came to loans, but the pandemic worsened this reality,” says 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.
200 reusable APIs
“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.
