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Being legacy-bound, financial organizations often remain behind the curve when it comes to attempts to digitally transform. In the last few years, because banks and other financial institutions worked to manage a complex and uncertain economic landscape, many digital transformation efforts were refocused on critical digital consumer-facing solutions or products.

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Digital transformation is impacting banks, financial services, and insurance companies (BSFIs). Advancements in artificial intelligence (AI), machine learning, mobile, robotics, and data-driven technologies are changing business fundamentals across these industries. 

Rapid developments in smartphone technology have mostly replaced ATMs and physical branch units across developed nations while enabling establishments to provide services to the tens of millions of unbanked customers in developing parts of the world.

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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.

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Banks and financial service providers are experiencing a period of rapid transformation. 

Heightened by growing disruption, new digital regulations, and increased digital-first expectations from customers, financial services are now in a position where transformation can no longer be delayed. 

The challenge is, a plethora of financial units have several hurdles to get over to make this transformation possible – including modernizing their data integration infrastructure, enabling digital experiences, and digitizing heavy-code processes. 

Modern customer data integration platforms help banks transform the way they transact and do business.