# 5 Ways Data Integration Solutions Are Helping Financial Organizations Deliver Improved Outcomes
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-11-29
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Transforming Financial Data Integration for Business Growth
Meta Description: Learn how modern financial data integration solutions can transform businesses, deliver value, and speed up onboarding by up to 80 percent.
URL: https://financedigest.com/5-ways-data-integration-solutions-are-helping-financial-organizations-deliver-improved-outcomeshtml

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**Outcomes**

Each day 2.5 quintillion bytes of data are created, and that number is only growing. For financial companies and services, that represent a wealth of information about existing business customers, new business opportunities, target market audiences, and dynamic landscape.

However, such large amounts of [data serve as a roadblock for financial](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape") organizations. That’s because a major part of it is stored and [managed in traditional or legacy systems](https://www.financedigest.com/why-a-rules-management-system-can-untie-financial-services-hands.html "Why a rules management system can untie financial services’ hands"). In doing so, IT teams need to implement long [custom codes and perform extensive data](https://www.financedigest.com/should-insurers-buy-data-direct-from-their-customers.html "Should insurers buy data direct from their customers?") mappings to onboard and integrate all these sensitive data feeds. Typically, this takes six to 12 weeks of calendar time. During that time, [business workers fail to connect](https://www.financedigest.com/keeping-data-connected-for-greater-business-value.html "Keeping Data Connected for Greater Business Value") with customers because they are overloaded with other responsibilities, such as:

- Acting as liaisons between the [company and its new customers](https://www.financedigest.com/disconnected-customers-are-one-of-the-biggest-problems-facing-financial-companies.html "Disconnected customers are one of the biggest problems facing financial companies")
- Gathering data field layouts, semantics, and requirements
- Tracking the status of the new customer onboarding effort
- Reporting on the status of a project to the company’s new customers

The delays disrupt the process of [data integration and associated steps](https://www.financedigest.com/10-steps-to-stop-lateral-movement-in-data-breaches.html "10 Steps to Stop Lateral Movement in Data Breaches"). Ultimately, this reduces the [company’s ability to deliver the value promised to customers](https://www.financedigest.com/financial-companies-delivering-better-value-for-customers-in-loyalty-programmes-compared-to-other-sectors.html "Financial companies delivering better value for customers in loyalty programmes compared to other sectors") and grow revenue.

In addition, financial organizations are highly regulated, so companies in this [industry need to prioritize legal as well as regulatory compliance with data](https://www.financedigest.com/navigating-consumer-data-in-the-finance-industry.html "NAVIGATING CONSUMER DATA IN THE FINANCE INDUSTRY") security and fraud detection. The sudden proliferation of different data types in recent years introduces more complexities around data integration.

Financial organizations are particularly IT-intensive. A lot of companies have to manage more than ten [data sources that are elementary to their business](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") processes. Now, managing such long data streams at once tends to increase data silos in case a [modern finance](https://www.financedigest.com/why-do-modern-finance-functions-strive-for-automation.html "WHY DO MODERN FINANCE FUNCTIONS STRIVE FOR AUTOMATION?") data integration platform isn’t used. In an industry that is evolving rapidly, that is more than [enough to keep](https://www.financedigest.com/the-challenge-of-keeping-data-secure-why-in-house-security-isnt-enough.html "The challenge of keeping data secure: why in-house security isn’t enough") them behind the curve.

One way to solve these problems is to adopt a [modern financial data integration](https://www.adeptia.com/solutions/industry/financial-data-integration) approach as it helps companies manage volumes of data, garner insightful information, make decisions, and deliver value to their business customers.

This blog post discusses how modern [financial data integration solutions can help financial services and companies transform business](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") and deliver value.

1. **Integrate [Financial Data](https://www.financedigest.com/how-big-data-is-sending-shockwaves-through-the-financial-services-sector.html "How big data is sending shockwaves through the financial services sector") Quickly**

The financial [industry also relies on data](https://www.financedigest.com/theres-nothing-artificial-about-the-role-of-ai-and-data-in-the-finance-industry.html "There’s nothing artificial about the role of AI and data in the finance industry "), just like any other industry. If the [data garnered from multiple customers](https://www.financedigest.com/manchester-arts-centre-the-lowry-selects-logpoints-siem-technology-to-safeguard-customer-data.html "Manchester arts centre The Lowry selects LogPoint’s SIEM technology to safeguard customer data"), partners, and agents aren’t integrated properly, there are chances that the information gathered would remain incomplete and so would the decision-making and value generation.

[Finance data](https://www.financedigest.com/data-analytics-scenario-planning-and-the-finance-department.html "Data analytics, scenario planning, and the finance department") integration also takes time. This especially happens when traditional data integration solutions are used. How? Companies that use legacy solutions require IT integrators to spend [weeks or months of time implementing data](https://www.financedigest.com/wall-st-seen-steady-ahead-of-inflation-data-fed-later-in-week.html "Wall St seen steady ahead of inflation data, Fed later in week") connections. The [delays serve as a major](https://www.financedigest.com/britain-delays-major-rail-project-hs2-as-costs-soar-again.html "Britain delays major rail project HS2 as costs soar again") roadblock for companies that attempt to deliver the value promised to their customers on time.

Modern-day solutions such as self-service data integration can help companies handle these problems. These solutions empower non-technical [business users to implement data](https://www.financedigest.com/5-simple-ways-to-prevent-a-data-breach-from-putting-your-accountancy-practice-out-of-business.html "5 Simple ways to prevent a data breach from putting your accountancy practice out of business") connections much faster than legacy data integration solutions.

2. **Speed Up Onboarding by up to 80 percent**

Modern [finance data integration solutions empower non-technical business](https://www.financedigest.com/1-in-3-uk-businesses-looking-for-finance-are-finding-it-harder-to-get-a-loan.html "1 in 3 UK businesses looking for finance are finding it harder to get a loan") users to onboard highly sensitive, complex data by up to 80 percent. Business users need to point and click through easy-to-navigate screens to implement onboarding connections more quickly. This means business users can connect with customers sooner, which helps [address needs](https://www.financedigest.com/if-the-nation-backs-fintech-we-need-to-address-a-few-things.html "If the nation backs FinTech, we need to address a few things") and deliver value sooner.

![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1347197740-1736814801124-compressed.jpg)

3. **Enable Fraud Detection and Compliance**

Modern [financial data integration](https://www.financedigest.com/how-green-are-your-investments-why-esg-data-integration-is-key-for-financial-services-firms.html "“How green are your investments?” – Why ESG data integration is key for financial services firms") solutions provide an end-to-end environment for all data that are exchanged and transferred between companies in the application. Every business user is individually authenticated and authorized as they register and log in to the application.

Many of these solutions also drive interactions in [real time](https://www.financedigest.com/its-time-for-real-time-accountancy.html "It’s time for real time accountancy "). This proves extremely essential for companies to handle fraud detection and compliance. Streaming [data enables financial](https://www.financedigest.com/data-fake-will-be-the-new-real-in-financial-services-in-2023.html "Data: Fake will be the new real in financial services in 2023") organizations to access highly sensitive records much more quickly, which helps them identify anomalies as soon as they occur. The use of [artificial intelligence](https://en.wikipedia.org/wiki/Artificial_intelligence) and [machine learning](https://en.wikipedia.org/wiki/Machine_learning) algorithms helps companies map complex, bi-directional data, which reduces potential risks of fraud and breaches.

4. **Drive Productivity Across the Board**

Self-service data integration solutions enable non-technical business users to [implement data connections – at speed and scale](https://www.financedigest.com/mifid-ii-why-you-should-not-scale-back-your-implementation-efforts.html "MIFID II: WHY YOU SHOULD NOT SCALE BACK YOUR IMPLEMENTATION EFFORTS"). At the same time, IT becomes free to focus on other high-value, business priorities. These solutions, therefore, increase the productivity of non-technical business users and IT.

5. **Delight Customers and Create New Revenue Streams**

When business users connect with customers much more quickly, it becomes easier to identify requirements and needs and meet them accordingly. And so, customers feel delighted. Such delighted [customers are more likely to buy more products or services](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…") offered by the company. This empowers financial organizations to [create new revenue streams for the business](https://www.financedigest.com/6-ways-how-to-create-great-tiktok-videos-for-your-business.html "6 Ways How to Create Great TikTok Videos For Your Business").


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