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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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In the intricate realm of insurance, harnessing the potential of data is the linchpin for success. Yet, traditional data integration methods have long shackled the industry, presenting multifaceted challenges that hinder operational efficiency and stunt innovation. 

Let’s explore how these challenges have impeded the insurance sector’s growth and how the evolution of self-service data integration, fortified by AI, offers a beacon of hope.

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In today’s data-driven landscape, businesses face a multitude of challenges when it comes to integrating and managing their data efficiently. From complex IT systems to evolving data formats, the process of data integration poses significant hurdles for both business and IT users. 

Let’s delve into the key challenges and explore strategies to tackle them effectively.

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Self-service data integration solutions, a technological innovation powered by artificial intelligence (AI), are reshaping how organizations handle data and deliver value. This transformative approach offers a variety of benefits that directly impact business operations, from accelerating data connections to improving revenue generation.