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Addressing the “Three Myths about Community Banks and Open Banking” with iPaaS (integration platform as a service)

The Financial Brand recently published an insightful article by Shanda Purcell, Senior Director of Open Banking at CSI, entitled “Busting Three Myths about Community Banks and Open Banking,” where she addresses common misconceptions that may hinder a community bank (or credit union) from pursuing this fundamental aspect of modern financial services. As open banking continues to shape the future of finance, it’s crucial for community banks and credit unions to understand how Integration Platform as a Service (iPaaS) can address these myths and unlock the full potential of open banking initiatives.

Myth 1: Open Banking is Just for Big Banks

One prevailing myth is that open banking is exclusive to large financial institutions with extensive resources. However, with iPaaS solutions, community banks and credit unions can leverage third-party integrations through APIs, enabling them to embrace open banking at their own pace, and without changing their legacy core in most cases. iPaaS platforms offer flexibility and scalability, allowing community banks and credit unions to implement incremental tech upgrades that align with their growth strategies. From streamlining loan decisioning to enhancing payments processing, iPaaS empowers financial institutions to adopt open banking practices tailored to their unique needs.

Myth 2: Banking-as-a-Service is the Best Use Case for Community Banks

Another misconception is that Banking-as-a-Service (BaaS) represents the pinnacle of open banking opportunities for community banks and credit unions. While BaaS models offer potential revenue gains, they often require significant infrastructure investments and pose compliance risks. iPaaS solutions present community banks with alternative open banking use cases that are both valuable and low-risk. By focusing on API-based initiatives like real-time integrations for account opening, community banks and credit unions can achieve tech upgrades without overhauling their entire operations. iPaaS platforms facilitate seamless integrations with existing core systems, empowering financial institutions to expand their services and improve customer or member experiences.

Myth 3: Open Banking Applications Require Tech Geniuses

A common misconception is that adopting open banking applications necessitates additional IT resources and expertise. However, iPaaS platforms democratize access to open banking APIs, allowing line-of-business specialists within community banks and credit unions to maximize their value. With intuitive developer portals and user-friendly documentation, iPaaS solutions enable non-developers to understand and implement open banking initiatives effectively. By involving domain experts such as account specialists in loans or deposits, community banks and credit unions can leverage iPaaS to enhance operational efficiency and drive innovation without relying on tech geniuses.

What It All Boils Down To

iPaaS represents a powerful tool for community banks and credit unions looking to embrace open banking and dispel common myths. By leveraging iPaaS solutions, financial institutions can harness the benefits of open banking initiatives while mitigating risks and maximizing value. With iPaaS, open banking becomes accessible, manageable, and tailored to the unique needs of community banks and credit unions, empowering them to thrive in the evolving financial landscape.

About Sandbox Banking

Sandbox Banking is a digital transformation partner that helps unlock revenue via Glyue™, our groundbreaking Integration Platform as a Service (iPaaS). Glyue™ is used by North American banks and credit unions ranging from $500M to $200B+ in size, and provides connectors from the 14+ of the most popular core banking platforms to more than 50 lending, deposit, KYC/AML, data, cards, underwriting, mobile banking, and analytics solutions from the world’s best providers. To learn more, visit www.sandboxbanking.com.

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Sandbox Banking and Creatio Announce Strategic Partnership to Enhance CRM Capabilities for Financial Institutions

May 6, 2024, Cambridge MA — Today Sandbox Banking, the innovator behind Glyue™, a low-code iPaaS (integration platform as a service) for banking, has joined forces with Creatio. This partnership marks a significant milestone in Sandbox Banking’s journey as it aligns with Creatio, a global vendor of a no-code platform to automate workflows and CRM with a maximum degree of freedom, and a Visionary in the 2023 Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms.

Together, Sandbox Banking and Creatio are poised to revolutionize the banking industry by connecting banking software and systems, data and people with Creatio’s workflow automation and CRM solutions that empower financial institutions to thrive in today’s rapidly evolving digital landscape.

This partnership brings together Sandbox Banking’s cutting-edge

iPaaS solution for banks and credit unions with Creation’s powerful no-code platform for CRM, enabling financial institutions to streamline operations, enhance customer and member experiences, and accelerate digital transformation efforts.

“Our partnership with Creatio is an exciting opportunity to enhance CRM capabilities for financial institutions,” said Kelsey Saia, VP of Partnerships at Sandbox Banking. “By merging Sandbox Banking’s proficiency in fintech integrations with Creatio’s leading CRM platform, we aim to empower banks and credit unions to better understand and serve their account holders, fostering growth and innovation in the financial services sector.” This alliance seeks to expedite digital transformation within the banking industry by leveraging Creatio’s expertise and innovative solutions alongside Sandbox Banking’s groundbreaking Glyue™ low-code iPaaS banking automation solution.

Creatio’s no-code platform enables organizations to automate workflows and CRM with a maximum degree of freedom. With over 700 partners globally, a local presence in 25 countries, and a track record of successful implementations, Creatio has a strong presence in the finserv industry supporting financial institutions in their digital transformation journey.

“Thousands of leading organizations in the financial services sector worldwide are leveraging Creatio’s no-code platform to drive innovation and enhance their customer experiences. We are thrilled to collaborate with Sandbox Banking to enable more companies in North America to tap into innovative finserv-specific solutions powered by no-code,” said Alex Donchuk, Senior Vice President, Global Channels at Creatio.  

Initially, the partnership will prioritize integrating core banking systems with which Sandbox Banking has existing integrations, alongside Creatio’s CRM platform, allowing financial institutions to retrieve up-to-date customer or member information seamlessly. This integration supports various use cases, including call center operations, sales activities, and customer or member onboarding.

Key features of the integration include:

  • Bulk data import via REST API
  • Daily data synchronization to keep Creatio updated with new/changed customer or member data
  • Universal connectors between Creation and Sandbox Banking’s GlyueTM iPaaS
  • Enhanced account holder data management through connectors to Fiserv DNA and other core banking systems

The joint effort will kick off with the release of an MVP integration product, with plans for additional functionality and connectors to be added in the future. Sandbox Banking’s GlyueTM platform will be available on the Creatio Marketplace, providing financial institutions with easy access to essential tools.

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About Sandbox Banking

Sandbox Banking is a digital transformation partner that helps unlock revenue via Glyue™, our groundbreaking Integration Platform as a Service (iPaaS). Glyue™ is used by North American banks and credit unions ranging from $500M to $200B+ in size, and provides connectors from the 14+ of the most popular core banking platforms to more than 50 lending, deposit, KYC/AML, data, cards, underwriting, mobile banking, and analytics solutions from the world’s best providers. Sandbox Banking’s investors include Horizon Ventures, Tuesday Capital, Forum Ventures, SixThirty & YCombinator. To learn more, visit https://sandboxbanking.com.

About Creatio

Creatio is a global vendor of a no-code platform to automate workflows and CRM with a maximum degree of freedom. Millions of workflows are launched on our platform daily in 100 countries by thousands of clients. Genuine care for our clients and partners is a defining part of Creatio’s DNA. 

For more information, please visit www.creatio.com.  

For media inquiries, please contact:

Michele Yurcich
Director of Marketing
michele.y@sandboxbanking.com

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Sandbox Banking chosen to be API Management and Integration Platform as a Service (iPaaS) provider for new COCC ConnectSuite platform

Cambridge MA — Sandbox Banking, a trailblazing integration platform provider for the banking industry, has been chosen by COCC to power its new ConnectSuite APIs.

ConnectSuite fuels technology adoption and innovation by providing COCC and its customers the ability to quickly and securely provision access to APIs wrapping COCC systems. The product will initially supply access to the COCC Insight core, but future coverage of additional COCC software is anticipated. Out of the box, ConnectSuite will enable developers to rapidly explore COCC APIs so they can quickly build, test, and productionize core banking integrations.

“Sandbox Banking is honored to be chosen as COCC’s API management platform,” says Ravi Balasubramanian, CEO of Sandbox Banking. “For more than 4 years, COCC and Sandbox Banking have combined strengths to empower banks and credit unions to deploy core banking integrations that provide growth and efficiency. We deeply respect COCC’s prioritization of customer success, and our team couldn’t be more excited for the innovation ConnectSuite will unlock for COCC customers and the fintech ecosystem.”

Sandbox Banking’s vast library of pre-built connectors and integrations to banking, credit union, and fintech software was a key determinant in its selection by COCC to drive its API management platform. COCC was also impressed with Sandbox Banking’s track record of timely, high-quality solution delivery.

Core processor APIs and integration are common use cases for Sandbox Banking’s platform. Its software is called Glyue™, and is built on Python and AWS. Glyue™ includes a builder that

combines a point-and-click interface with machine learning to empower both non-technical users and engineers to create, maintain, and customize integrations. The platform provides a highly capable runtime for both real time API-based integrations and bulk data processing.

“This partnership with Sandbox Banking aims to create unique projects that not only improve customer engagement but also unveil new avenues for revenue generation,” says Matt L’Heureux, Senior Vice President & Chief Product Officer of COCC. “ConnectSuite serves as a catalyst, enabling fintechs to effortlessly build, test, certify, and launch applications. Our partnership with Sandbox Banking will encourage exploration of COCC core banking APIs, and ultimately streamline customer vendor integration, in-house development, and banking-as-a-service (BaaS) initiatives.”

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About Sandbox Banking
Sandbox Banking is a digital transformation partner that helps unlock revenue via Glyue™, its groundbreaking Integration Platform as a Service (iPaaS) for banking. Glyue™ is used by North American banks and credit unions ranging from $500M to $200B+ in size, and provides connectors from 14+ of the most popular core banking platforms to more than 50 lending, deposit, KYC/AML, data warehouse, CRM, underwriting, mobile banking, and analytics solutions from the world’s best providers. Sandbox Banking’s investors include Horizon Ventures, Tuesday Capital, Forum Ventures, SixThirty & YCombinator. To learn more, visit www.sandboxbanking.com.

About COCC
As an industry-leading fintech provider, COCC delivers innovative, comprehensive technology solutions and strategic partnerships with an unparalleled focus on service. Offering a robust, feature-rich suite of modern, standards-based core and digital banking solutions, COCC’s cutting-edge systems are designed with intuitive user interfaces and are fortified by advanced APIs which seamlessly facilitate leading fintech integrations. Consistently ready to adopt and embrace emerging technologies, COCC remains agile and forward-thinking, meeting the demands of a rapidly evolving financial landscape where live real-time functionality matters. COCC is forever dedicated to assisting community banks and credit unions with remaining strong and competitive by providing the technology, support, and expertise needed to succeed. To learn more, visit https://cocc.com.

For media inquiries, please contact:

Michele Yurcich
Director of Marketing
michele.y@sandboxbanking.com

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Release highlights: Glyue™ v4.4.0

Glyue™ version 4.4.0 is is being deployed April 23-25.

Our commitment to delivering seamless custom integrations with Glyue™ is a testament to its robust technical foundation. Similar to maintaining any critical infrastructure, we prioritize stability by periodically reassessing and optimizing our technology stack. This ensures that Glyue™ remains reliable and efficient.

In this update, we’ve implemented upgrades to key components of our frontend stack, ensuring compatibility and longevity for years to come. While you may notice minor design adjustments, rest assured that these changes lay the groundwork for future enhancements.

Here are the latest integrations available with Glyue™:

  • Harland Clarke: A renowned provider of check ordering services, Harland Clarke’s integration with Glyue™ enables customers to seamlessly incorporate check ordering into various workflows.
  • Fiserv Portico: Portico, Fiserv’s comprehensive account processing solution tailored for credit unions, is now integrated with Glyue™. This integration empowers members to automate their interactions with Portico, enhancing both digital and in-person banking services. We’re thrilled to expand our suite of top-tier integrations with Fiserv core solutions.

We’re proud to constantly improve our user experience, and we’re excited for customers to see the benefits, whether they are diving into the platform personally or working alongside our Solution Engineering team.

Click here to read the current and past release notes.

Let us know what you think!

We want Glyue™ to be the best iPaaS for banking, but we need your help. Here are 3 ways you can connect with us to share suggestions, issues, and feedback:

  • Set up a meeting with David Cai, Technical Product Manager
  • Email our support team
  • Current customers can send a message via the speaker icon in the top right corner when logged into Glyue™
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Unlocking the Future of Account Holder Service: CCaaS via iPaaS

In the ever-evolving landscape of financial services, banks and credit unions are increasingly turning to Contact Center as a Service (CCaaS) solutions to transform customer experiences, streamline operations, and drive growth. As the demand for seamless, omnichannel banking experiences continues to rise, the integration of CCaaS with Integration Platform as a Service (iPaaS) emerges as a game-changer for financial institutions.

Understanding CCaaS and its Relevance in Financial Services

CCaaS solutions offer cloud-based contact center capabilities that enable banks and credit unions to deliver personalized, 

efficient customer service. These solutions empower financial institutions to leverage advanced features and functionalities without the need for extensive IT support, driving operational efficiency and enhancing customer satisfaction.

Factors such as the increasing demand for superior customer experiences, rapid cloud adoption in the financial sector, and the need for centralized data access through APIs are driving the adoption of CCaaS solutions among banks and credit unions. Additionally, automation technologies like chatbots and AI are revolutionizing customer interactions, while omnichannel communication capabilities have become essential for delivering consistent service across various touchpoints.Despite these benefits, challenges such as data security concerns and the complexity of managing diverse datasets persist in the financial services industry. To address these challenges and unlock new opportunities, banks and credit unions are exploring the integration of CCaaS with iPaaS.

iPaaS: Transforming Customer Service in Banking

Integration Platform as a Service (iPaaS) serves as a crucial enabler for seamless connectivity and data flow across disparate systems and applications within banks and credit unions. By integrating CCaaS with iPaaS, financial institutions can achieve greater operational efficiency, data visibility, and agility in responding to customer needs.One of the key advantages of CCaaS-iPaaS integration is the ability to centralize and synchronize customer data across various banking channels and systems. This unified view empowers bank representatives with comprehensive insights into customer interactions, preferences, and history, enabling them to deliver personalized and contextually relevant experiences in real-time.Moreover, iPaaS facilitates the integration of CCaaS with other critical banking applications such as core banking systems, CRM platforms, and fraud detection tools. This interoperability streamlines workflows, enhances data security, and enables automated processes, ultimately driving operational excellence and regulatory compliance.

Future Outlook: CCaaS-iPaaS Integration in Financial Services

As the banking and credit union landscape continues to evolve, the integration of CCaaS with iPaaS will play a pivotal role in driving digital transformation initiatives. Financial institutions will increasingly leverage this integrated approach to redefine customer engagement strategies, optimize resource utilization, and gain a competitive edge in the market.

Furthermore, advancements in technologies such as machine learning and predictive analytics will further enhance the capabilities of CCaaS-iPaaS solutions in the banking sector. These innovations will enable banks and credit unions to deliver proactive, personalized services, mitigate risks, and foster long-term customer relationships.

In conclusion, the integration of CCaaS with iPaaS represents a significant opportunity for banks and credit unions to elevate their customer service capabilities and drive growth in the digital age. By harnessing the power of these integrated solutions, financial institutions can deliver exceptional banking experiences, strengthen customer loyalty, and position themselves for success in an increasingly competitive market.

As banks and credit unions embrace the transformative potential of CCaaS-iPaaS integration, they will be better equipped to navigate the evolving demands of customers and regulators while driving innovation and differentiation in the financial services industry.

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Where AI, ML and iPaaS Converge: A Pivotal Shift in Banking

There’s been a lot of talk that highlights a pivotal shift in the banking industry, where the convergence of cloud-based Artificial Intelligence (AI) and Machine Learning (ML) technologies, coupled with integration platforms as a service (iPaaS), promises to revolutionize operational efficiencies and customer experiences. Let’s delve into how these advancements can reshape banking operations:

  • Transformation of Operational Efficiencies: Traditional banks and credit unions have long grappled with high operational costs despite significant investments. However, the emergence of cloud-based AI and ML engines presents an unprecedented opportunity to break free from this stagnation. By leveraging these technologies alongside robust analytical methodologies like Six Sigma and data-driven design-thinking, banks and credit unions can strive towards achieving “zero-waste” operations. This entails not just cost-cutting measures but also reimagining and optimizing existing processes to enhance overall efficiency.
  • Empowering Customer Experiences: While cost reduction is pivotal, enhancing customer experiences emerges as an equally crucial aspect of deploying AI and ML technologies. By leveraging AI to understand and anticipate customer needs proactively, banks and credit unions can foster genuine interactions that transcend the limitations of conventional IVR systems or chatbots. For instance, envision an AI system capable of discerning a customer’s login issues and promptly offering assistance tailored to their specific context, thereby fostering meaningful engagements and unlocking potential cross-selling opportunities.
  • Overcoming Implementation Challenges: Undoubtedly, integrating these advanced technologies into existing banking infrastructures poses substantial challenges, particularly for traditional banks and credit unions burdened by legacy systems and stringent regulatory requirements. However, the imperative to stay competitive in an increasingly digital landscape compels financial institutions to surmount these hurdles. Investing in modernization efforts and embracing innovative solutions becomes imperative to retaining customer loyalty and market relevance amidst evolving consumer preferences and the rise of agile competitors like neo banks and fintechs.
  • The Role of Integration Platforms as a Service (iPaaS): In this paradigm shift towards AI and ML-driven banking operations, iPaaS emerges as a linchpin facilitating seamless integration of disparate systems and data sources. By providing a unified platform for orchestrating workflows, managing APIs, and facilitating data exchange across cloud-based environments, iPaaS empowers banks and credit unions to harness the full potential of AI and ML technologies while navigating the complexities of legacy infrastructures and regulatory compliance.

In essence, the synergy between cloud-based AI, ML technologies, and iPaaS heralds a new era of innovation and competitiveness in the banking sector. By embracing these transformative technologies and reimagining operational paradigms, banks and credit unions can not only achieve substantial cost savings but also deliver unparalleled customer experiences, thereby cementing their position as industry leaders in the digital age.

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Sandbox Banking Partners with Plaid to Strengthen Identity Verification and Elevate Banking Solutions

Cambridge MASandbox Banking, a trailblazing provider of banking automation solutions that accelerate digital transformation through their Integration Platform as a Service (IPaaS), Glyue™, and Plaid, a data network powering the digital financial ecosystem, have announced a partnership that strengthens automated identity verification, addressing key challenges in the financial industry.

Sandbox Banking’s consumer-centric innovation is at the forefront of the digital banking experience. The collaboration focuses on integrating proprietary Customer360 module and customer experience workflows from GlyueTM with Plaid’s cutting-edge Verification solution. Using Plaid’s product, Sandbox Banking provides financial institutions with a comprehensive suite of tools to enhance customer or member engagement, mitigate risks, and fortify account security as banks and credit unions invest in digital banking and transformation strategies.

“Our collaboration marks a pivotal moment in the evolution of financial technology, uniting two industry leaders to drive innovation, elevate end user experiences, and reinforce security measures,” expressed Kelsey Saia, VP of Partnerships at Sandbox Banking. “Bolstering the era of digital transformation in banking, this partnership is shaping a tech experience that is not only secure and efficient but also aligned with the dynamic needs of modern account holders and institutions alike.”

A key highlight of this collaboration is the integration of Plaid’s advanced Identity Verification capabilities with Sandbox Banking’s proprietary Customer Experience workflows. By combining strengths, financial institutions can create a comprehensive and secure ecosystem that integrates the Virtual Call Center, IVA (intelligent virtual assistant), IVR (interactive voice response) with the core banking software. Account holders experience a more secure and efficient authentication journey, contributing to enhanced customer or member trust and data security.

The partnership focuses on Sandbox Banking’s exclusive Customer360 module with Plaid Identity Verification. Customer360 seamlessly integrates customer data across platforms, ensuring real-time updates while Plaid Identity Verification strengthens onboarding processes, preventing identity theft and ensuring secure account creation. Other opportunities that will be forthcoming from the partnership include:

  • Data syncing for enhanced risk detection
  • Ongoing monitoring and fraud prevention
  • Seamless account verification in real-time
“With consumers increasingly turning to digital solutions to manage their finances, it is critical that financial institutions are properly equipped to protect and maintain their customers”, said Tamara Romanek, Head of Partnerships at Plaid. “Partners like Sandbox Banking offer accessible innovation for financial institutions, which is a key element of impending open banking regulation. “
 
By combining Plaid’s cutting-edge identity verification technology with Sandbox Banking’s forward-thinking banking solutions, the collaboration aims to elevate the standard of security, efficiency, and user experience in the financial services industry. Financial institutions leveraging this collaboration will benefit from a unified, customer-centric approach, setting new standards in the evolving financial services ecosystem.
 

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About Sandbox Banking
 

Sandbox Banking is a digital transformation partner that helps unlock revenue via Glyue™, our groundbreaking Integration Platform as a Service (iPaaS). Glyue™ is used by North American banks and credit unions ranging from $500M to $200B+ in size, and provides connectors from the 14+ of the most popular core banking platforms to more than 50 lending, deposit, KYC/AML, data, cards, underwriting, mobile banking, and analytics solutions from the world’s best providers. Sandbox Banking’s investors include Horizon Ventures, Tuesday Capital, Forum Ventures, SixThirty & YCombinator. To learn more, visit https://sandboxbanking.com.

For media inquiries, please contact:

Michele Yurcich
Director of Marketing
michele.y@sandboxbanking.com
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Integrating Integration Platform as a Service (iPaaS) into Wealth Management: A Path to New Revenue Streams with a Human Touch

In the realm of wealth management, where financial decisions carry significant personal weight, the human touch has always been paramount. While technology has brought about remarkable advancements in the financial sector, it has its limitations, especially in understanding the nuances of individual circumstances and preferences. However, there exists a symbiotic relationship between technology and human expertise, one that can be further enhanced through an Integration Platform as a Service (iPaaS).

In recent times, economic complexities have compounded the challenges faced by wealth management clients. According to a 2023 global survey by EY, a substantial portion of clients expressed feeling overwhelmed by the management of their finances, attributing it largely to increased market volatility. This underscores the need for a comprehensive approach that not only leverages technology but also acknowledges the human aspect of financial decision-making.

Community bank wealth management advisors recognize the indispensable role of technology in shaping clients’ financial wellness roadmaps. iPaaS, as a flexible integration solution, can seamlessly connect disparate systems and applications, enabling a holistic view of clients’ financial landscapes. By leveraging iPaaS, banks can aggregate data from various sources, offering advisors deeper insights into clients’ financial behaviors and needs.

The primary advantage of iPaaS lies in its ability to enhance the efficiency and accuracy of wealth management processes. Through automated data integration and analysis, advisors can generate personalized recommendations tailored to each client’s unique circumstances. iPaaS facilitates the seamless flow of information, allowing advisors to stay abreast of clients’ evolving financial situations and proactively address their needs.

Moreover, iPaaS empowers wealth management firms to offer innovative services that go beyond traditional investment advice. By integrating external data sources such as market trends, economic indicators, and demographic information, banks can deliver predictive analytics and scenario modeling tools to help clients make informed decisions.

However, the true value of iPaaS in wealth management lies in its capacity to augment, rather than replace, the human touch. While technology can provide valuable insights, it often lacks the ability to interpret subtle cues and nuances that arise during client interactions. Human advisors bring emotional intelligence and empathy to the table, allowing them to build trust and rapport with clients.

In practice, iPaaS serves as a force multiplier for wealth management advisors, enabling them to focus on what they do best—understanding and addressing clients’ individual needs. By automating routine tasks and streamlining data management processes, iPaaS frees up advisors’ time to engage in meaningful conversations with clients, where they can delve into their goals, concerns, and aspirations.

Furthermore, iPaaS facilitates collaboration and knowledge sharing within wealth management teams, enabling advisors to tap into collective expertise and insights. Through centralized data management and real-time collaboration tools, banks can foster a culture of innovation and continuous learning, ensuring that advisors are equipped to deliver value-added services to clients.

From a business perspective, integrating iPaaS into wealth management operations presents a compelling opportunity for banks to unlock new revenue streams. By offering differentiated services powered by advanced analytics and predictive modeling, banks can attract high-net-worth clients seeking personalized financial advice.

Moreover, iPaaS enables banks to scale their wealth management offerings efficiently, catering to a broader client base without significantly increasing operational costs. With the ability to adapt quickly to changing market dynamics and client preferences, banks can stay ahead of the competition and drive sustainable growth in their wealth management business.

In conclusion, Integration Platform as a Service (iPaaS) holds immense potential for revolutionizing wealth management operations and driving business growth. By seamlessly integrating technology with human expertise, banks can deliver personalized financial solutions that meet the evolving needs of their clients. As community bank wealth management advisors embrace iPaaS, they position themselves as trusted partners in their clients’ financial journey, fostering long-term relationships built on trust, transparency, and mutual success.

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Sandbox Banking identified as a “Company to Watch in BaaS” by Raymond James

The burgeoning realm of Banking-as-a-Service (BaaS) is undergoing a significant transformation, spurred by a confluence of factors including heightened demand, regulatory shifts, and technological advancements.
 
Raymond James, in their latest report “At the Forefront for Banking-as-a-Service (BaaS),” has singled out Sandbox Banking as a noteworthy contender to watch within this evolving landscape.
 
The surge in digital banking, propelled further by the exigencies of the COVID-19 pandemic, has propelled the adoption of BaaS platforms across diverse industries, enabling businesses to augment their financial service offerings and diversify revenue streams. Regulatory reforms have also played a pivotal role, easing barriers for non-banks to enter the market and catalyzing the emergence of innovative BaaS solutions.
 
As this sector continues to evolve, traditional banking paradigms are being upended, with BaaS heralding faster, more convenient, and increasingly personalized banking experiences for both businesses and consumers. In this dynamic environment, adaptation and innovation are imperative for incumbents and newcomers alike to remain competitive and relevant.
 
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Connecting Business Data and Systems: The Power of iPaaS

In today’s fast-paced business landscape, efficiency is paramount. Companies rely on an array of software systems to streamline operations, manage data, and engage with customers. However, the challenge arises when these systems don’t seamlessly communicate with each other. Enter Integration Platform as a Service (iPaaS) – the ultimate solution to bridge the gap between disparate software applications.

What exactly does iPaaS do, and how does it revolutionize business operations?

Understanding iPaaS

Imagine a scenario where different departments within a company use various software tools tailored to their specific needs. The sales team might utilize a customer relationship management (CRM) system, while the lending department relies on an loan origination system (LOS) software. While each system serves its purpose effectively within its domain, the real magic happens when they can exchange data seamlessly.

This is where iPaaS steps in. Think of it as a digital translator, facilitating communication between different software applications. iPaaS allows businesses to connect their systems, enabling data flow and process automation across various platforms. By acting as a middleware layer, iPaaS eliminates the need for manual data entry and reduces the risk of errors associated with manual integration efforts, or incorrect data flows from system-to-system.

The Role of iPaaS in Business

  1. Efficient Data Integration: iPaaS simplifies the process of integrating data from disparate sources. Whether it’s synchronizing customer information between CRM and marketing automation platforms or consolidating financial data from multiple sources into a unified dashboard, iPaaS ensures data consistency and accuracy across the board.
  2. Streamlined Workflows: With iPaaS, businesses can automate workflows by orchestrating tasks and actions across different applications. For instance, you can align loan origination and deposit applications data from LOS and DAO system into the core to create and update objects and fields in a CRM.
  3. Scalability and Flexibility: As businesses grow and evolve, their software needs may change. iPaaS offers scalability and flexibility, allowing companies to adapt to new technologies and integrate additional applications seamlessly. Whether it’s incorporating new cloud-based solutions or connecting legacy systems with modern applications, iPaaS provides the agility to stay ahead in a dynamic business environment.
  4. Enhanced Customer Experience: In today’s digital age, delivering a seamless customer experience is non-negotiable. iPaaS plays a crucial role in ensuring that customer data is readily available across all touchpoints, enabling personalized interactions and timely responses to customer inquiries. By breaking down data silos and enabling real-time insights, iPaaS empowers businesses to deliver superior customer service and drive customer satisfaction.

Conclusion

Integration Platform as a Service (iPaaS) is more than just a technical solution – it’s a catalyst for business transformation. By facilitating seamless communication between disparate software applications, iPaaS empowers organizations to streamline workflows, enhance productivity, and deliver exceptional customer experiences. As businesses continue to embrace digital innovation, iPaaS emerges as a fundamental enabler, driving operational efficiency and unlocking new opportunities for growth. Embracing iPaaS is not just about integrating systems; it’s about embracing a future where connectivity and collaboration drive success in the digital age.

Sandbox Banking is one of the only iPaaS providers that works exclusively in fintech with banks and credit unions. Our groundbreaking Integration Platform as a Service (iPaaS) offering has pre-built integrations with 14+ of the most popular banking cores from FISFiservJack HenryCOCC and more, and over 50 top tier fintech platforms including nCino, Inc.Five9SalesforceMeridianLink, and Plaid to name a few.

Watch this brief video, and schedule a demo to understand how we can simplify and streamline your business.