There may be no industry that relies on their customer data feeds more than those in finance. With a growing number of people accessing data in ways that weren’t impossible just a few years ago, financial institutions, insurance firms, and banks are opting for next-gen data integration solutions to find out new ways of deriving insightful information from customers. In doing so, financial organizations must automate their data processes to gain complete control over the data and drive forward.
In short, financial firms need to optimize the way they integrate and use their customer data in order to be gain a competitive edge. Here are four ways how financial organizations can optimize their customer data integration strategy.
1. Employ data integration to improve customer data security
In finance, a customer’s trust and confidence are the primary stakeholders. Furthermore, as a strongly regulated industry, the financial sector has to abide by multiple guidelines, as one incident involving highly sensitive data could prove to be an impediment for even the biggest organization. Since consumers have instant access to a large amount of data available, it’s the responsibility of financial organizations to ensure that they are starting on a level playing field. In case they fail to do so, they could risk succumbing to competition. One way to do this is to use modern data integration solutions that cannot only produce high-quality, cleansed data but also allow secure access to eliminate the risk of breaches or thefts. By providing end-to-end encrypted environment, these solutions can facilitate customer data security without difficulty.
2. Data integration is the priority, then comes business intelligence and data analytics
As customer data underpins the growth of financial organizations, deploying a data integration platform before running the data against an analytics tool remains a prerequisite. Data integration solutions allow users combine large volumes of data into a unified database for analysis and usage. Once the data is cleaned, organized and transformed, a business intelligence solution can be used. Without all of the relevant data in one place, analytics will surely fail to reflect on the business needs and requirements.
3. Give power to “all users” – and not only to technical teams/IT
The financial firms must have a data integration platform that empowers even the non-technical users for creating an integrated ecosystem. These solutions are self-service powered and help users integrate customer data feeds without overreliance on IT teams. The IT teams can monitor and govern this process without participating in it. As a result, the burden on IT teams reduces, improving productivity and efficiency.
4. Data integration needs to bolster customer privacy
For financial institutions, customers’ confidence in data is crucial. In the digital era, customers are accustomed to accessing anything at any time and the finance sector has been a major beneficiary of this. They’ve enabled this by using data integration to the best of their ability. Doing so these firms can ensure that data is present in the right place in real-time so that the users can access it instantly. Modern integration solutions with prominent security features enable users share data without revealing personal information. As a result, customers are likely to feel secure that their data is safe.