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Read moreTop 5 Reasons Why Application Integration is Important for Financial Services Companies
As per the MarketWatch report, the global market size of enterprise application integration is estimated to grow at a CAGR of 16.32% during the forecast period 2021-2024. By integrating applications, organizations can increase their IT systems’ agility and scalability while driving innovation and protecting against cybersecurity threats. Application integration has become a priority for most enterprises today, financial services companies being no exception.
Application integration is increasingly becoming essential for financial services companies looking to stay competitive in an ever-evolving digital world. Besides, banks and financial institutions are under constant pressure to match up to the digital-first expectations of customers, which is often challenged by the limitations of legacy systems and applications.
Therefore, to stay agile and responsive to changing customer demands and the evolving market dynamics, financial services companies need a reliable application integration strategy to ensure that all their applications are connected and communicating effectively. For instance, leading financial institutions like Deutsche Bank also scaled up their infrastructure and API to align business goals with the volatile economic conditions.
In this blog post, let us explore the top five reasons why financial services companies need to consider modern application integration.
Create Composable Business Models
By utilizing application integration, financial services companies can create composable business models built on cloud-native architectures. These models enhance scalability and agility, allowing businesses to adjust quickly to changing market conditions. Additionally, companies can access new capabilities or resources as needed through composable architecture, allowing them to develop innovative products and services faster than ever.
Accelerate Digital Transformation with Low/No-Code Tools
Financial services organizations can leverage low/no-code tools for application integration to accelerate their digital transformation initiatives. These tools allow users with minimal coding experience—or no coding experience—to quickly and easily build integrations between applications without having to write any code whatsoever. Moreover, using no-code tools, businesses can build applications faster, reducing time-to-market while still delivering quality results.
Support Omnichannel Customer Experience
For financial services organizations looking to drive greater customer loyalty and advocacy, investing in total experience (TX) strategies is paramount. With the right application integration strategy in place, financial services companies can deliver engaging experiences across channels such as web, mobile, social media, and more—allowing seamless customer engagement on any device with a consistent brand experience throughout their journey with the company’s products or services.
Automate Data-Driven Decision Making
With advanced application integration capabilities such as machine learning algorithms or artificial intelligence (AI), financial services organizations can automate data-driven decision intelligence processes to reduce costs associated with wasted opportunities or errors from manual data entry.
Moreover, automation can save money and helps free up valuable resources for tasks requiring human input or creative thinking.
Felicitate Layered Cybersecurity Defense
As security threats continue to become more complex, and financial services companies need layered cybersecurity defenses integrated into their existing networks and applications to protect against increasingly sophisticated attacks from cybercriminals or malicious actors online.
Application integration solutions provide a secure layer of protection that integrates seamlessly into existing systems so that businesses don’t have to worry about potential security gaps when deploying new technologies or introducing new features into their networks or applications.
Final Note
Application integration has become increasingly important for financial services firms as they strive to provide their customers with a seamless experience across different channels while maintaining compliance with relevant regulations. By taking advantage of modern technologies such as APIs (Application Programming Interfaces), companies can easily integrate their existing applications with new ones—allowing them to serve their customers better while continuing to innovate for years to come.
If you’re looking for ways to optimize your operations through application integration solutions tailored specifically for the financial services industry, get in touch with Quinnox today!
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