Integration for Financial Services Organizations

Integration for Financial Services Organizations

Today’s financial services industry faces new and increasing challenges, including varied customer demographics, higher capitalization rates, stricter regulations, and the never-ending pressure to grow revenue. Overcoming obstacles and taking advantage of new opportunities demands the best integration technology capable of delivering effective, real-time data without increasing data management costs.

Gartner states in Information Management for the 21st Century that “through 2015, organizations integrating high-value, diverse, new information types and sources into a coherent information management infrastructure will outperform their industry peers financially by more than 20%”.  Integration is clearly a must-have for any business wanting to compete at the highest levels today.

With that in mind, let’s a take a look at the endpoints most commonly integrated by our customers in the Financial Services industry:

  • CRM (Salesforce)
  • ERP (Dynamics GP, Oracle EBS, Epicor)
  • Banking software(CSC, Accenture)
  • Trading platforms(eSignal, StreetSmart by Charles Schwab, LightSpeed)
  • Industry-specific applications(Mortgage Builder, Fund Manager)
  • Insurance platforms(MFX, Guidewire, CSC)
  • FTP
  • Flat files(XLS, etc.)
  • SQLserver

Historically, financial services businesses have always needed to manage large amounts of data, however, sharing that data amongst disparate applications hasn’t been easily possible until now.  Like many of today’s advanced technology companies, finance institutions utilize everything they can, such as CRM and ERP systems.  While some processes are common and to be expected in any business, others are unique to the finance vertical.  Let’s take a look at a few of the common integration-enhanced processes among our customers:

  • Moving customer data into a CRM system – Previously, several of our customers were manually completing this process either via SQL script or manual upload of flat files.  Automating this process frees up time for IT admins while allowing sales and customer service teams the chance to quickly seize upon the best time to make a sale or solve a problem.
  • Making payroll data available in a CRM system – Prior to utilizing an integration tool, a firm may have had to rely on SQL scripts to move payroll data like recent hires & pay period wages into their CRM system.  Implementing an integration strategy with an easy to use tool allows HR employees to have a single source of truth for anything employee related.
  • Using an industry standard application(and making the data available) – The financial services industry has many applications specific to their function and using them is a must.  However, to fully take advantage of that data, sometimes it needs to reside in more than one place.  A real-time connection between applications can eliminate the many headaches of logging in to multiple applications to find the data one needs.
  • Integrating front and back office systems – Creating a closed loop process between CRM and ERP systems allows an organization to be more efficient and ensure no data is lost during a process such as customer billing.

Modern integration technologies and forward thinking business analysts allow a financial services firm to take advantage of all their data without slowing down due to cumbersome processes.  Implementing integration for financial services, including setting important data to reside in one application instead of many, payroll, billing, using industry standard applications & reacting to markets quickly has never been easier.  Financial institutions using integration to augment their efforts are seeing higher returns through operating efficiency and the ability to provide better service to their customers than ever before!

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