Each day 2.5 quintillion bytes of data are created, and that number is only growing. For financial companies and services, that represent a wealth of information about existing business customers, new business opportunities, target market audiences, and dynamic landscape.
However, such large amounts of data serve as a roadblock for financial organizations. That’s because a major part of it is stored and managed in traditional or legacy systems. In doing so, IT teams need to implement long custom codes and perform extensive data mappings to onboard and integrate all these sensitive data feeds. Typically, this takes six to 12 weeks of calendar time. During that time, business workers fail to connect with customers because they are overloaded with other responsibilities, such as:
- Acting as liaisons between the company and its new customers
- Gathering data field layouts, semantics, and requirements
- Tracking the status of the new customer onboarding effort
- Reporting on the status of a project to the company’s new customers
The delays disrupt the process of data integration and associated steps. Ultimately, this reduces the company’s ability to deliver the value promised to customers and grow revenue.
In addition, financial organizations are highly regulated, so companies in this industry need to prioritize legal as well as regulatory compliance with data security and fraud detection. The sudden proliferation of different data types in recent years introduces more complexities around data integration.
Financial organizations are particularly IT-intensive. A lot of companies have to manage more than ten data sources that are elementary to their business processes. Now, managing such long data streams at once tends to increase data silos in case a modern finance data integration platform isn’t used. In an industry that is evolving rapidly, that is more than enough to keep them behind the curve.
One way to solve these problems is to adopt a modern financial data integration approach as it helps companies manage volumes of data, garner insightful information, make decisions, and deliver value to their business customers.
This blog post discusses how modern financial data integration solutions can help financial services and companies transform business and deliver value.
- Integrate Financial Data Quickly
The financial industry also relies on data, just like any other industry. If the data garnered from multiple customers, partners, and agents aren’t integrated properly, there are chances that the information gathered would remain incomplete and so would the decision-making and value generation.
Finance data integration also takes time. This especially happens when traditional data integration solutions are used. How? Companies that use legacy solutions require IT integrators to spend weeks or months of time implementing data connections. The delays serve as a major roadblock for companies that attempt to deliver the value promised to their customers on time.
Modern-day solutions such as self-service data integration can help companies handle these problems. These solutions empower non-technical business users to implement data connections much faster than legacy data integration solutions.
- Speed Up Onboarding by up to 80 percent
Modern finance data integration solutions empower non-technical business users to onboard highly sensitive, complex data by up to 80 percent. Business users need to point and click through easy-to-navigate screens to implement onboarding connections more quickly. This means business users can connect with customers sooner, which helps address needs and deliver value sooner.
- Enable Fraud Detection and Compliance
Modern financial data integration solutions provide an end-to-end environment for all data that are exchanged and transferred between companies in the application. Every business user is individually authenticated and authorized as they register and log in to the application.
Many of these solutions also drive interactions in real time. This proves extremely essential for companies to handle fraud detection and compliance. Streaming data enables financial organizations to access highly sensitive records much more quickly, which helps them identify anomalies as soon as they occur. The use of artificial intelligence and machine learning algorithms helps companies map complex, bi-directional data, which reduces potential risks of fraud and breaches.
- Drive Productivity Across the Board
Self-service data integration solutions enable non-technical business users to implement data connections – at speed and scale. At the same time, IT becomes free to focus on other high-value, business priorities. These solutions, therefore, increase the productivity of non-technical business users and IT.
- Delight Customers and Create New Revenue Streams
When business users connect with customers much more quickly, it becomes easier to identify requirements and needs and meet them accordingly. And so, customers feel delighted. Such delighted customers are more likely to buy more products or services offered by the company. This empowers financial organizations to create new revenue streams for the business.