Despite investing a lot of time and effort, financial service organizations of today face major challenges in handling the data breach, cost reduction, infrastructure/ legacy system, business automation, and customer experience. To keep pace with technological shifts and to move ahead of the competition, every organization in the financial services industry is aiming to have high availability of its services and information to its customers to ensure compliance with the regulatory environment and ensure precaution against cybersecurity attacks. With all its features, EI can help you tackle all these challenges and provides Integrated solutions for the Financial Service Industry.
What Enterprise Integration can do for the financial services industry?
In today’s digital world, financial service organizations need to invest in a strong IT infrastructure and manage it efficiently to run the business. Integration platform as a Service (iPaaS), a cloud-based enterprise integration solution, can seamlessly connect different software applications and provide several benefits to help run your business with its user-friendly and intuitive design. It is a dedicated service for application, data, process, and service-oriented architecture integration scenarios that can secure data sharing across systems and automate workflows between systems for greater efficiency and employee productivity.
Let us explore how enterprise solutions can help in solving the major challenges faced by financial services organizations.
Major challenges and Integrated solutions for the Financial Service Industry with iPaaS Solutions
Data breach and Cybercrime
One of the most critical challenges that a financial service organization has to handle is data breach. Protecting your organization as well as your customers’ financial information is very critical. But, since the financial service organizations deal with many sensitive data, they become prime targets for cybercrime. According to a Boston Consulting Group (BCG) report, cyber-attacks hit financial services firms 300 times more than any other company. When it comes to integration, since the financial services organization deals with sensitive data in transit and processing between applications, data security is extremely important.
You need a highly secure solution that allows you to monitor, detect, and take necessary actions against any cyber threats to your organization. With advanced security features, iPaaS can safeguard your financial data against unauthorized access and prevent data. The iPaaS solutions offer advanced security and governance technology that allows your team secure access to a range of integration and data management capabilities.
Handling the complex IT infrastructure
It gets difficult to handle the financial service organization’s IT infrastructure since the technology landscape is vast and varied. There could be network issues, unresponsive apps, and incompatible hardware that can affect the business process. Each of the processes in a financial services organization uses several applications across different departments.
It is important to have a reliable enterprise integration solution to handle your IT investment properly. The iPaaS can provide you simplified IT processes. With iPaaS, there is no need for your team to switch between systems constantly; instead, all data can be accessed from a single, centralized location. The iPaaS is a multi-tenant platform that supports cloud-to-cloud, cloud-to-on-premise, on-premise-to-on-premise, and B2B integration.
Increased cost of new technology
The evolution of technology is happening at lightning speed; on average, enterprises develop and deploy 37 new applications per year. With the enormous amount of software and applications, building integrations can incur a massive cost for an organization.
With an enterprise integration solution, you can eliminate these massive costs through automatic API generation. As we talk about reductions in costs, it can include both cost savings and unnecessary cost avoidance. The iPaaS can help you attain a variety of cost reduction benefits as a result of implementing EDI. Electronic Data Interchange (EDI) allows automating a process previously manually executed with paper documents. EDI can help you eliminate data entry errors, streamline all the transactions, and indirectly reduce costs related to document storage.
Legacy System Modernization
Modernizing legacy applications and infrastructure is a different beast altogether. The existing legacy system might have a huge amount of critical data, but the inability of these apps to be compatible with mobile aps or interactive UI or scalability poses a serious threat to the growth and sustenance of organizations.
iPaaS can help you achieve the desired integration needs for legacy system modernization. Through iPaaS, you can integrate legacy systems in a fraction of the time and more efficiently than other traditional solutions. The iPaaS solutions can eliminate the integration barriers by empowering you to connect applications with less code or no-code or generate APIs for app integrations within minutes.
Employee Productivity and Customer Satisfaction
An employee in a financial service organization has to switch between different applications. This not only consumes more time, but creates frustration among the workforce. In a digital environment, your employees and customers rely on technology more. Any mishap in technology can hinder your employee’s productivity, which can directly affect your customer experience. Any customer in any industry will expect quick service, but the expectation is much higher in case of a financial transaction. Every financial service organization is working to make its customer satisfaction index move higher and higher. However, the prevalence of data silos and duplicated processes between various business lines within the organization becomes a hurdle.
The iPaaS can help you break down data silos and integrate processes to make you a modern customer-centric organization. Being a single instance, multi-tenant integration platform, providing a unified data for analyzing profitability and managing risk, iPaaS can help you streamline workflow, accelerate technology, adapt quickly to industry change, and deliver superior customer service.
Integrated solutions for Financial Service – Enterprise Integration
Every organization has its unique technology environment, business process, and integration requirement to meet its goals. An enterprise integration solution should also be specifically planned to match the needs of an organization’s environment and expectations. Enterprise integration offers a bounty of benefits ranging from modernizing legacy infrastructure via APIs, advanced integration patterns with a user-friendly and intuitive interface, secure data, faster data migration, efficient applications, and reduced cost on maintenance.
If you would like to know more about Enterprise Integration, iPaaS solution or Legacy System Modernization, our certified experts can walk you through enterprise-grade solutions for a variety of integration needs.