Each day more than 2.5 quintillion bytes of data are created, and that number is continuously growing. For financial organizations that number represents an untapped potential to garner actionable insights, unlock novel business opportunities, and manage the competitive landscape.
At the same time, the needs and requirements of business customers are changing continuously. Financial companies struggle to meet the needs and requirements and deliver the value promised to those customers. To add to those challenges, financial services are highly regulated, so companies in this industry must place a high priority on regulatory and legal compliance along with security and fraud detection.
To make things worse, the skills gap weighs heavily on IT teams. Financial institutions and services that rely on traditional data integration solutions face this problem. IT teams struggle to create long custom codes and perform extensive data mappings to implement data connections, which takes weeks or months of calendar time. During that time, customers wait to connect with business workers and have their needs met. At the same time, IT fails to focus on more high-value, innovation-driven business priorities. That act as a drag on innovation. In an industry that is evolving rapidly, that creates a competitive disadvantage.
Modern data integration solutions can solve these problems. Let’s find out how.
Solving Problems of Financial Organizations with Modern Data Integration Solutions
Modern data integration solutions enable financial organizations to implement data connections, ensure security and compliance, deliver the value promised to customers, and create new revenue streams much more quickly.
With self-service and automation that uses AI and ML, modern data integration solutions help financial companies in the following ways:
1. Delight customers and increase their lifetime value
Self-service integration solutions enable non-technical business users to implement data connections much more quickly while freeing IT to focus on more high-value tasks. Business users can leverage pre-built application connectors, shared templates, dashboards, intuitive screens, and AI data mapping to create new connections. Now, because business users can connect with customers quickly, it becomes easier for them to identify the needs and requirements of those customers and meet them without delay. That delights customers and encourages them to stay longer and buy more products or services from the company.
2. Ensure fraud detection and compliance
Modern data integration solutions play a central role in enabling fraud detection and compliance. They have an end-to-end encrypted environment that allows only authenticated business users to handle and manage data connections. The use of AI and ML in pursuing heavy-duty tasks such as data mapping increases security further. It makes it possible for financial companies to identify anomalies as soon as they appear. In addition, these technological revolutions enable fraud detection teams to pinpoint potential risks before they turn into significant problems.
3. Minimize IT burden
When non-technical business users implement onboarding and data connections, IT teams become free to drive more strategic business priorities. IT no longer needs to create custom codes and build extensive data mappings. Instead, it can devote its time to support more high-value tasks for ensuring the better health of an organization.
In short, data integration solutions enable financial companies to meet emerging customers’ needs and requirements, facilitate better compliance and security, and reduce the IT burden. Overall, they empower companies to deliver value and ensure faster growth.