Financial enterprises are scrambling to deal with growing customer demands, changing business imperatives, and increasing compliances. The key to address a fair share of these challenges is data integration. Smarter financial companies are the ones which are establishing a strong integration framework for breaking down rogue silos and governing data across organization. Start-to-end integration is enabling organizations in setting up a smoother symbiosis between hybrid IT applications and improving efficiencies with less cost involved.
Enterprises Need to Setup a Connected Financial Enterprise
Financial enterprises can’t be not just financial enterprises. They need to be connected financial enterprises. They should modernize their data management architecture to smack down silos down the road. Data in a financial enterprise resides in three forms:
- Customer data which includes contact fields, products used, transactional information, customer service, etc.
- Credit/financing data which includes health, actuarial, loan data, etc.
- Risk data which includes loss, watch list, suspicious activity, etc.
This data sources come from wide variety of sources and applications. Every piece of data has its own set of data model and architecture. It is hard to process this data with conventional approaches.
Traditional fragmented integration approaches are doing more harm than good. They entail complex coding and middleware that is too hard to be used. A lot of computational force and engineering skills are required to use these tools. These tools don’t scale to address diverse integration needs of the organization. Moreover, a lot of maintenance is required to upkeep and maintain the codes.
Archaic integration approaches don’t provide enough visibility to the integrati9on workflows. Developer teams don’t have an idea that what other teams are building. Whenever they add, remove, or upgrade applications in a framework, they realize that something important has been changed. Frequent changes disrupt services and negatively impact business outcomes.
Financial institutions need to deliver integrations at a much faster rate. They should choose an enterprise integration platform that provides drag & drop ease to build integrations in an ecosystem where many cloud & on-premise applications co-exist. It should enable non-technical users to move data between one system to another system.
Previously, enterprises have relied heavily on extract, transform, and load (ETL) tools to move data from between source and target applications. However, this method has become obsolete for Software as a Service (SaaS) and other cloud based applications. Batch processes are slow, error prone, and inefficient. Success with digital technologies and innovation rests on a holistic integration approach that can create an agility layer for building integrations across enterprise. And that approach is enterprise integration
Benefits of a Connected Financial Enterprise
A connected financial enterprise gets an easy route or connectivity to move legacy applications into the 21st century. It can combine new and old financial systems, orchestrate them in an order, and expose them as new services to clients. Start-to-end integration helps enterprises in integrating data and modernizing systems without any IT friction.
Integration helps financial enterprises in unlocking data out of silos & aggregating and managing data effectively. Modern day enterprise integration solutions enable business users to build integrations which are more durable and reusable than conventional integration approaches. Line of business user can also automate business processes for greater agility and efficiency. Enterprises can build integrations faster, deliver quality services to customer, and reach revenue faster.