FF News Logo
Saturday, October 11, 2025
FF Awards Leaderboard Banner

Breaking News

EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’ FreedomPay Drives Global Merchant Innovation FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds Ipswich Town Selects IFX Payments as an Elite Partner Baghdadi Capital Group Selects nCino to Power Global Growth and Expansion Strategy Zilch Unveils Intelligent Commerce & Zilch Pay to Power Next Phase of Rapid Growth Splitit Launches Partner Program to Power Installments for Agentic Commerce Keyrails Chooses Flagright to Power Real‑Time Transaction Monitoring and AML Screening Socotra Launches Agentic AI for Insurance Product Configuration iBanFirst Launches iBanPay, Its New AI Assistant to the UK NatWest Strengthens Support for UK Innovation Economy With Key Strategic Hires Moto and NCR Atleos Extend Collaboration, Expanding Self-Service Cash Access U.S. Bank Selected to Provide Custody Services for Reserves Backing Payment Stablecoins From Anchorage Digital Bank

May 17 2017

Mulesoft Research Findings on Shifting Banking Trends

Share this post:

Share on LinkedIn Share on WhatsApp

Nick Cheetham, Managing Director at Monitise FINkit, comments on Mulesoft’s research on the shifting trends in banking services:

“Mulesoft’s findings highlight a threat that our own study found that 80% of traditional banks are not paying much heed to: the potential for technology giants such as Facebook, Apple, and Google to leverage their massive, highly-engaged users bases, and the emerging Open Banking landscape, to steal market share by creating products, services, and experiences that are better suited to the demands of modern, digital-savvy customers.

“The incumbent banks cannot afford to rest on their laurels or bury their heads in the sand. With rumours swirling that Apple may launch its own peer-to-peer money transfer product by the end of this year, it’s clear that banks will have new competitors trampling on their lawn – and it won’t just be the ‘neobanks’ such as Monzo or Atom. It may only be one small part of financial services, but the banks can’t afford to stand by and suffer death by a thousand cuts as disruptors gradually take more and more of their business away. Banks may think that more ‘serious’ products such as mortgages or pensions will be safe from disruption because customers will always want the reassurance of a traditional provider’s track record. But in ten years’ time, enabled by the Open Banking regime, the likes of Facebook may have that track record themselves – and today’s younger customers will have grown up with them as a ‘serious’ financial services provider.

“Open Banking is undoubtedly the stimulus for innovation that the retail banking sector needs, but the incumbents need to shape up, as it will be their own openness to genuinely transformative change that will determine their success in the new landscape as it unfolds.”

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

     Read more
Gitex Global
More On