Redefining the Banking Industry One System at a Time

Realizing the value of data automation

The Banking industry has become the consummate juggler with multiple balls in the proverbial air. From changing demands in traditional product areas to recasting the role of branches, banks have had to find ways to adapt to the new wave of change. The shifting tides within the banking industry have required banks to nimbly balance the demands of systems, processes and data to ensure that banks can navigate a landscape that is complex, challenging and mercurial. In response, banks are increasingly moving towards adopting applications and systems that will enhance the way that they manage their data.

Data automation is the key to unlocking the information that swirls within the banking industry Leveraging this information enables banks to better engage with customers across all channels while receiving a complete overview of their behavior. It is also the tool that can be used to refine existing processes, to remove complexities embedded in legacy systems, and to refine and consolidate data to create a unified system that can be used as a single source of truth.

However, data automation comes with its own complexities. It is never plug-and-play, and one-size-fits-all is a lie. The true value of data automation is derived only when banks make use of a proper data integration and automation strategies. Through the right data integration strategies, banks can nimbly and simply move data to the right person, in the right system at the right time.  

01: Digital visibility

Digital transformation has been rapid and forced thanks to the events of the past year. As a result, banks are looking to optimize existing data automation investments without compromising on the integrity of legacy infrastructure. One of the biggest challenges is a lack of visibility into business silos. Where does the information sit? Which departments interact with customers? As McKinsey says – the left hand needs to know what the right hand is doing. Data must be structured and accessible to be useful.  

Automation platforms provide banks with the tools they need to translate murky business waters into clear and transparent insights. With the right systems in place, banks have the visibility they need to improve processes, customer experience, and regulatory compliance, as well as reduce risks.

02: Platform thinking equals optimization

The platform approach not only allows for banks to think in ways that are more flexible and agile, but also allows for improved customer engagement and experiences. The latter are critical for the industry, right now – the market is competitive and the noise is overwhelming. Banks can use data integration to fine-tune their customer segmentation. McKinsey describes platform thinking as the ability to ‘restructure tech foundations or optimize operating models’, which is of immense value to companies that want to pivot and adapt on demand. If banks take the time to invest in the right data automation platforms, they can open the business up to new business offerings and more attractive services. Thereby augmenting the share of wallet within existing customer base, and embedding a continued relationship with these customers. This is what customer-centricity through data automation provides.

03: Optimization through collaboration

Platform thinking, investment and strategic planning can have a measurable impact on the business but can be challenging to achieve. Countless banks invest in systems and applications but never see the promised results. Building systems that fully realize their potential and capabilities requires strategic engagement with a third-party data integration and automation solution that takes the time to understand the business, the data, the customer and the challenges they face.  

Find a partner that understands how your applications and systems function in order to extract every drop of value from your data. A partner that can deliver time to value, speed of delivery, and move dynamically with business requirements. Automation and integration platforms provide precisely this level of hop, skip and adapt, but trusted partners make sure that the hop and the skip are not over the implementation or optimization of essential systems, and the adapt is what your business is capable of today, and in the future.

04: Automation for seamless integration  

Automation and integration platforms have also become increasingly valuable as structures and capabilities within the organization evolve in line with digitization. In the past, applications were a central repository of mystery, today applications are increasingly dispersed with granular visibility into data systems. Digitally modernized companies have kept their teams on site while pulling on the expertise of third-party data integration and automation solutions to ensure that systems are integrated and managed more effectively. They are also leveraging the capabilities of automation to manage service delivery and system provisioning at speed – creating solutions that a make complex data issues simple.

Today, the maturity of the solutions available on the market allows for banks to be meticulous about their process and their investments. They have a wide range of software and solutions available to help them optimize customer engagements, streamline data insights and so much more. They don’t want a box of bells and whistles; they want their solutions to be Nimble, Simple and Powerful

Synatic is the right partner that will ensure that your investments are future-proof, relevant, scalable and elastic; offering you the right tools to streamline operations and maximize your investment value.

Andile Khumalo
June 26, 2022
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