From the Blog

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2022-09-27

Why Banks Must Modernize Their Legacy Data Integration Systems

Why Banks Must Modernize Their Legacy Data Integration Systems to Unlock Innovation

Are your customers looking for experiences that you fail to deliver quickly? Are your employees pivoting across systems and applications to access customer data to drive informed cross-selling and upselling? Are you concerned with the number of regulations you have to abide by and the security of your IT infrastructure? Are your IT teams grasping at straws to deliver projects on time? 

If your response to any of these questions was yes, then you’re at the right place. And you’re not alone. 

The best news is that we are committed to enabling companies of all kinds to address those questions. 

Legacy Systems Deter Efficiency, Productivity, and Resilience 

In the current times, most customer interactions are digital. This is essentially true for the banking sector. Customers are increasingly attracted to convenience, flexibility, and accessibility. Yet, many find it challenging to deliver connected experiences as quickly as customers demands. They find it time-consuming and difficult to integrate these end-user experiences for many reasons, but the most common challenges are data silos, outdated data integration solutions, and security and governance. 

Understandably so, many financial companies that use legacy systems built on obsolete architecture are often complex and not flexible or agile enough to support the delivery of modern-day initiatives. Legacy systems rely on traditional data integration approaches, such as custom code and point-to-point integration. 

Now, legacy systems require companies to put IT teams, those with the knowledge of data integration, in action all the time. IT teams need to create lengthy custom codes and build extensive data mappings to implement onboarding and data connections. During this time, customers are forced to wait to connect with business workers and get their needs met. That creates a deep sense of frustration and dissatisfaction in customers. At the same time, IT teams fail to focus on more critical, innovation-driven tasks.

There must be a better way to deliver the value promised to customers without burdening IT. One way to close the IT delivery gap is to empower non-technical business users with tools to automate and integrate data. Self-service-powered solutions have a central role to play here. Let’s find out how. 

Modernizing the Data Integration Approach is Key to Unlocking Innovation 

To deliver value and stay competitive, financial companies or banks need to harness the potential of every person in the organization to drive digital transformation. IT integrators need to free up capacity to innovate, and business teams need to be empowered to go faster. 

And self-service integration solutions can be of great help here. They enable even non-technical business users to implement data connections much more quickly than legacy solutions. Users can rely on pre-built connectors, shared templates, dashboards, intuitive screens, and AI-data mapping to create data connections quickly while keeping security, agility, and efficiency intact. At the same time, these solutions free up IT resources and enable them to focus on more high-value business priorities. That helps companies drive their innovation-related tasks and grow exponentially. 

When companies can quickly connect with customers, it becomes easier for them to address their demands and meet them. This fills customers with delight and turns them into brand evangelists.

So, by modernizing the data integration approach through self-service, financial companies can reduce the IT delivery gap, drive innovation, and delight customers quickly and easily.