Banks and financial service providers are experiencing a period of rapid transformation.
Heightened by growing disruption, new digital regulations, and increased digital-first expectations from customers, financial services are now in a position where transformation can no longer be delayed.
The challenge is, a plethora of financial units have several hurdles to get over to make this transformation possible – including modernizing their data integration infrastructure, enabling digital experiences, and digitizing heavy-code processes.
Modern customer data integration platforms help banks transform the way they transact and do business. Pay attention to these use cases to understand how these solutions are helping companies embark on a digital transformation journey.
1. Digitizing the Customer Onboarding Process
Banking customers expect to get onboarded in less than an hour – a digital-first expectation that turned into a necessity in current times of uncertainty.
A lot of banks are bogged down with inefficient manual processes, often still using outdated methods to onboard customer data in their existing infrastructure. This can be handled proactively by leveraging a modern data integration technology with a faster onboarding feature.
These solutions can allow financial units to onboard customer data faster by up to 80%. Meaning that they can easily onboard complex, bi-directional data in minutes instead of months. As even non-technical users can drive the process, IT teams can be freed to focus on high-value tasks instead of getting bogged down by integration tedium. The delays and inaccuracies introduced by legacy solutions can no longer survive.
2. Streamlining Digital Payments Process with AI and Self-Service
Banks are under pressure from surging payments and transactions, mortgage demand, and thin margins – legacy systems and applications can’t scale with current demands.
Modern data integration technologies such as self-service can streamline expensive manual processes and allow lenders to quickly deliver connected borrower experiences. Further, transformative technologies like AI and ML can help users map and build customer data connections – securely and easily.
Features like pre-built application connectors, shared templates, dashboards and intuitive screens help users build data connections streamline digital payments and transactions without the need for IT to intervene. IT teams need only to govern and monitor the process.
3. Empowering Business Users and IT Users to Be at the Business Forefront
One of the main reasons why financial services struggle with productivity is that their IT teams have to actively execute tasks such as data onboarding, mapping, and integration. This refrains them from pursuing more important tasks. Self-service integration can change the game.
By empowering even non-technical users to create connections and integrate new customers, these solutions allow IT teams to focus on strategic tasks. It puts IT in a governance role, however. So, while business users carry out operations, IT can govern them.
Lack of access to customer data, applications, and systems is one of the common reasons for transformation failure – especially in the finance and banking sector. Use a modern self-service integration platform such as Adeptia Connect to rapidly build data connections, streamline transactions, create delightful customer journeys, and ultimately accelerate revenue.
Conclusion
Reduce risk and maintain compliance by leveraging Adeptia’s robust data governance, quality, and security capabilities. With heightened regulatory requirements, Adeptia provides enterprises with fine-grained controls, auditing, and visibility needed to manage sensitive data exchanges, while ensuring consistency, accuracy, and standardized processes. Customers rely on Adeptia’s hardened platform, encryption, and data management features to securely and compliantly exchange information across global ecosystems.