Unlock 3 Ways to Optimize Data Integration in Finance
Every industry relies on customer data to drive operations, and finance is no exception. With a lot of users accessing and using data in ways that weren’t possible just a few years ago, insurance companies, fintechs, banks, and other financial firms are increasingly turning to data integration solutions to create data connections and facilitate faster transactions with customers.
But, like any other technology, financial institutions also face some challenges as they leverage data integration to connect, transact, and collaborate with customers and deliver the value they’ve been promised. These challenges can be resolved if companies keep three tips in mind. Here are they:
Tip 1: Data Integration Must Come before Data Analytics and Business Intelligence
Financial companies need to use data integration solutions before running the data against an analytics solution. That is to say, they must first create data connections with customers to facilitate better data exchange and business transactions. In the process, they must collect data from different sources and then clean, organize, and transform it. Once this has been done, companies can garner business intelligence through advanced data analytics. Put simply, without creating data connections, analytics will fail to reveal what the business seeks.
Tip 2: Use Data Integration to Improve Customer Data Security
As a highly-regulated industry, the financial sector needs to abide by a strict set of guidelines. To add, the trust of the customer is deemed essential among financial services, as one major incident involving highly sensitive customer data could spell doom for even the biggest organization. Since customers have a seemingly infinite amount of data available to them at any time, financial institutions must ensure that they are playing on a level playing field or risk succumbing to competing businesses. One way to ensure that is to leverage a modern integration solution that can enable organizations to harness the true potential of sensitive information without compromising speed and accuracy. It offers an end-to-end encrypted environment that allows only authenticated business users to access and use customer data for making decisions and delivering value.
Tip 3: Empower Non-Technical Business Users to Create Connections
IT integrators generally take six to 12 weeks to write custom codes to create data connections with customers. Meanwhile, customers wait to receive the value they’ve been promised. That fills them with frustration and agony. And since IT is busy creating integrations, it struggles to focus on more important tasks for the organization. That reduces its efficiency to a large extent. Now, by empowering non-technical business users, this problem can be solved. Financial organizations can rely on self-service-powered data integration solutions to enable non-techies to create data connections and integrate new customers – at the speed of business. With features like pre-built application connectors, shared templates, dashboards & intuitive screens, AI-data mapping, and more, even non-technical users can create data connections with customers in minutes. As a result, customers receive the value sooner – they feel delighted and get inspired to stay longer.
The world of finance is changing. Companies need to reinvent ways to integrate their customer data for embracing the shift. And these three tips can help them create data connections in minutes, delivering delightful CXs and improving their ease of doing business with customers.