Digital Integration Hubs can help the FS sector respond to evolving market pressures

Banks and Insurers face a wave of new challenges in responding to pressure from new user experience expectations, according to research by system integration firm Fincons Group.

A recently published whitepaper by the group outlines the challenges, expectations, increased regulatory constraints, and need for organisations to integrate data from internal and external sources with high query volumes.

Fincons Group outlines the key role that Digital Integration Hubs can play in helping FS companies respond to these pressures without putting their legacy systems at risk.

"Customers are increasingly demanding a swift, engaging and responsive user experience at every touchpoint and agents, brokers, financial consultants and private bankers are making similar demands as they try to cater to consumer needs. This increased volume of demand on systems from queries made over smartphones, websites and many other channels puts new pressure on legacy systems that are already performing business critical tasks," Giuliano Altamura, Head of Financial Services Business Unit of Fincons Group, said.

To overcome the challenges arising from demand peaks and growing data volumes, FS companies should be considering the adoption of Digital Integration Hubs that enable:

  • the consolidation of historical as well as new real-time data into a single data lake, enabling an easier 360° customer view;
  • the integration of external data derived from IoT and Open Data sources;
  • the implementation of APIs to interact directly with the data lake to provide the needed data to front-end applications while minimizing impacts on back-end systems;
  • the 24/7 availability of real-time data;
  • the availability of “Google-like” search features;
  • the chance of reducing the capacity required to the back-end systems, often based on expensive infrastructures, by moving it to the data lake (mainframe offload).

"Unpredictable peaks in demand and low-value machine time required by an increasing number of applications puts a huge strain on legacy systems and introduces a tangible risk of outages," Altamura adds.

With over 1600 employees worldwide and more than 36 years of experience in consulting and system integration, Fincons Group has offices in the UK (London), Germany (Munich), Switzerland (Küssnacht Am Rigi, Bern, Zurich, Lugano), Italy (Milan, Verona, Rome, Bari, Catania) and the US (New York, Los Angeles).

"This new architecture plays a critical role in helping business critical systems save time otherwise wasted in low-value machine time, avoiding outages and helping shift the focus on to customer experience and reducing the risk of customer churn.”

The full whitepaper is available for download here:

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