Financial services garner a huge amount of data and are incredibly protective of its authenticity and security. As a result, data usage is generally restricted to the particular segment for which the data is collected, and subsequently, data exchange is limited and painstakingly slow.
Financial institutions and banks are further withheld by the rising complexity of legacy IT infrastructures. They encompass myriad incompatible, siloed systems that do not allow firms extract data, more importantly, glean insights. But, to remain competitive in a customer-centric landscape, financial units must carve out strategies to harness their data in a smart and secure manner.
So, how can marketers within the financial sector create valuable customer experiences to gain traction? The role of self-service data integration solution comes into play here. It allows financial firms simplify data usage and data exchange, making them easier to work with. In this blog post, you’ll find how a self-service integration approach can enable financial units bag the highest bounty.
Self-Service in Finance
Self-service integration can financial units create value. Here are some of the major benefits of using self-service.
Improved Data Accessibility, Better Decision Making
The financial services sector is the most data-intensive sector in the global economy. Banks, for example, have to deal with a large volume of complex data including customer profile data collected for KYC, deposits/withdrawals at ATMs, purchases at point-of-sales, online payments, and more every day. In the absence of the right technology, these units are unable to process such a large amount of data, causing unnecessary delays.
Self-service integration allows finance units access large volumes of data with ease and precision. It does so by turning employees into citizen integrators. In other words, employees can independently integrate data and applications without IT intervention. When the data becomes accessible, the decision-making capability of companies increases by leaps and bounds.
Connected Environment, Enhanced Communication
Self-service integration helps financial organizations integrate applications and systems and improve connectivity to streamline communication across the ecosystem. It also allows banks or other financial firms share data with third-party financial apps – without disclosing their login credentials. Hence, firms can share information across the ecosystem in a secure way that was previously difficult, costly and/or time-consuming to access.
Improved IT Productivity, Increased IT Efficiency
Traditional integration approaches are cumbersome and fragile. They put a lot of burden on IT in building connections at supplier and partner end. As a result, both the efficiency and productivity of IT decreases. With the help of a self-service approach, the additional pressure on IT can be removed by empowering users integrate on their own. Consequently, IT can focus more on the governance role, thereby increasing their productivity and alleviating overhead costs. So, finance units need not have to wait for IT to supply data as employees can take advantage of a self-service integration platform and obtain data whenever they need it.
Satiated Customers, More Revenue
Using a self-service integration approach, financial firms can make data usage more secure and effective. As soon as organizations open their business to legitimate and safe data use, and increase their marketing consciousness, they can flex their marketing muscle and employ an intricately designed approach to streamline customer targeting and management processes. This leads to higher sales, more satisfied customers, and ultimately revenue.