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Top 7 Challenges for Financial Industry in the Integration Space

It goes without debating that financial institutions stand to stare at a bleak future without effective digital business integration and digitization. You just cannot allow customer data to remain in rogue silos especially at a time when the new-age customer comes with an Everest of expectations and interacts with a host of disparate touchpoints. The power of intelligence, yes, this is what drives business capabilities today and more so the banking industry. By benchmarking business capabilities with powerful data insights made possible by digital integration solutions, financial institutions can improve customer centricity, re-architect connectivity and eliminate data silos. However, combining hybrid and heterogeneous IT applications, and integration of structured and unstructured data presents a slew of challenged and warrants the right approach.

This blog post will talk about 7 challenges that arise from integrating with other applications and why they are so hard to overcome. We’ll also discuss how to solve these problems and make your business more successful!

Challenge #1: Definitions of data

There are many different ways in which the same types of information can be stored. Differences in the definition of a customer across systems within an organization are often small but cause major problems when trying to integrate them together because there is not a common way for all parties to understand each other’s data.

Challenge #2: The legacy system

Often, businesses are forced to work with monolithic legacy systems that do not easily integrate with newer technologies. This can make it difficult to get new features and innovations out to the market quickly, as well as hamper your ability to react quickly to changes in the industry.

Challenge #3: Real-time or Quality?

When trying to build an application, it is important to decide whether you want the fastest possible way of completing a task or if you would rather spend more time making sure that everything works perfectly. The problem here is that often there are no easy answers for what approach gives you better results and which one provides faster delivery.

Challenge #4: Selecting the right tool for integration

When you are trying to integrate with a new system, it is important to understand what your options are. There is no “best” fit out there and oftentimes the best approach will be different depending on the situation. You must take into account both technical considerations as well as business ones to make the right decision.

Challenge #5: The integration process itself

There are many challenges associated with integrating systems together, and understanding what they are can help you to address them when building your applications. A lot of the time, trying to solve these problems yourself isn’t worth it because there will be a much easier way to get the job done.

Challenge #6: APIs and Application Integration

Application integration is a difficult task that many people are not qualified to do on their own. This challenge will be broken down into two parts, one for API design as well as overall application architecture considerations when integrating together applications or systems.

Challenge #7: Overall Architecture

This section will go over some common architecture patterns used to make applications more easily integrated together. You must understand these early on when thinking about how your application should be put together so that it can integrate with other systems in the future!

There you have it – the top seven challenges for the financial industry in the integration space! By understanding these problems and how to solve them, you can make your business more successful. Our team of Integration solutions experts can help you accelerate in your journey to plan and overcome integration challenges. Stay tuned for future blog posts that will go into more depth on each of these topics!

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