Integration is the holy grail of development and innovation in this digital era. Every industry including finance needs it to ride the transformation wave with ease. Not only integration helps in improving the efficiency and scalability of financial services but also serves an elementary role in maintaining a high level of service for their clients.
Not quite so long ago, traditional integration approaches were used to integrate financial ecosystems. They were used to connect several monolithic applications within the four walls of an organization.
However, with digital transformation, the single most influential force of change, reshaping the contours of finance units and needs of end-consumers, point-to-point model no longer scales for integration within a financial organization – let alone connecting entire ecosystems. As a matter of fact, aging legacy systems can only elevate operational risk and stifle innovation.
Further, financial companies that have adopted an open banking approach wherein, data is shared through APIs between various parties for delivering enhanced services to the consumers, fail to function with a legacy model in place.
The role of a powerful integration platform comes into play here. With a modernized integration solution, financial institutions can be enabled for competing and innovating to reap many dividends including, enhanced quality of transaction and business processes, optimized customer experience, accelerated revenue and productivity.
Modern B2B integration platforms are key enablers to improve operational efficiency, risk management, agility, and user experiences of financial sectors. It also helps to create new revenue channels for financial firms by unlocking the value of financial data and deliver digital initiatives four times faster.
Here are a few ways modernized B2B integrated solutions can transform financial tapestry.
Transaction Improved: Banking units tend to lose a lot of time thus money in processing data gathered during transactions, which can greatly impact productivity and customer service. B2B integration platforms can capture, extract, and route transaction data with an automated mechanism to the repository, thereby saving valuable time, improving security, cutting unnecessary costs, and improving customer service.
Security and Compliance Induced: FINRA and SEC rules define the mode of operations in the financial world. Hence, companies irrespective of their size need to abide by the rules. B2B integration offers a secure, end-to-end encrypted environment to keep confidential information secure and compliant. Users are authorized and authenticated when they get registered to the application, allowing all data transfers to occur over encrypted connections.
Customer Engagement Enhanced: Finance departments are witnessing a change, so are the customer demands. With better customer engagement features such as faster onboarding, integration platforms allow organizations to stand a better chance of meeting milestones. B2B Integration solutions can streamline customer experiences by providing real-time data insights and automating business processes. To conclude, financial units can deliver delightful, personalized experiences without delay that helps to create a powerful NPS goal.
New Opportunities Identified: Implementation of modern B2B integration platforms can reveal new avenues of efficiency for the organization. By capitalizing on real-time data, finance sectors can tap into fresh opportunities which could include consolidating vendors to benefit from economies of scale, among others.
Digital Revenue Generated: With the elimination of manual intervention and the introduction of automation, organizations can increase their digital revenue streams. They can convert proposals created in CRM into real orders by eliminating the risk of inconsistent or inaccurate data such as incorrect shipping or billing addresses that can cause delays with deliveries and invoicing.
Adeptia’ B2B integration platform, Adeptia Connect is helping financial organizations embrace the digital change to deliver value-based experiences to their consumers. With its enhanced self-service, business automation, and faster onboarding capabilities, it can help rebuild a financial sector that thrives on speed, compliance, agility, governance, security, and innovation.