Operating in a highly competitive and constantly evolving business environment has its ups and downs. The amount of data a business collects over a period of time is always on the increase, which is a good thing. But this data can only be helpful if it ends up in the right hands/place for effective use.
Just like any other industry, the FinTech sector heavily relies on data to operate and interact with its consumers. And as service providers, organizations in the fintech space also highly rely on customer experience to stay competitive and ahead of the competition.
The trick towards excelling in such a cut-throat industry is data integration. As a tried and tested business tool, data integration has been and remains instrumental in enabling FinTech players to provide exceptional and customer-centric solutions.
If your business is FinTech-based and you are looking for a reliable, cost-effective and sustainable way to grow and at the same time take your customer experience up a notch, then data integration is your best bet.
Why Do You Need it?
Well, you need it because the world has become more tech-driven and your customers are constantly expecting refined experiences all the time. Convenience and time are two of the most important factors that determine if the customers will do business with you or not.
Your customers want to be able to pay for services regardless of the device they are currently using that particular moment. Such ease of connectivity allows your company’s standalone systems to capture a lot of customer data from every touchpoint.
Chances are that this data is stored separately, which is okay to a certain extent. However, the challenge comes when other departments or automated processes require the same data to perform certain tasks.
This means that someone has to manually fetch and feed the data. Such processes are prone to error, which is obviously bad for business.
Data integration eliminates this, among others, from happening while at the same time expediting the data sharing process. What this means is that productivity is boosted, data accuracy is enhanced, data security is also guaranteed and you are now able to offer better services and solutions to your customers.
Integrating all your automated systems also enables your business to scale up at a faster rate. Data integration frees up your team to really focus on other areas of equal importance, hence they are able to achieve the business goals quicker.
The other reason as to why you need it is also because the target demographic you are targeting is likely made up of millennials. This group cannot be ignored simply because of their ballooning numbers.
In the U.S, millennials are projected to overtake baby boomers as the largest adult population group in the United States, according to Pew Research Center. In the U.K, they are considered as the most valuable demographic.
How to Do FinTech Data Integration Right
Now, you are probably thinking, hang on, this sounds like a complicated and costly undertaking. But it really is not. Your FinTech business, just like any other business that operates in the current tech-driven environment, is actually integration-ready.
If you have systems that are constantly collecting data and this data is being stored somewhere to be used later to perform certain functions, then the only bit remaining is integrating a framework that allows your systems to talk to each other. It’s really that simple.
You see, with the right data integration solution in place, you will be able to unlock real-time customer self-service, empower your team, ensure data accuracy and security and even fast-track your return on investment.
Cazoomi’s SyncApps, for instance, offers a fully customizable data integration solution that will help you interconnect your reporting activities from different functional areas of your business such as eCommerce, back, and front office.
Integration is increasingly becoming a must-have for many businesses with data integration and integrity software market expected to reach $ 20,044.9 million by 2026.
Having robust and seamless interconnectivity between the various business tech-driven solutions is a recipe for success. Business performance and cutting-edge customer experience can only be achieved through a proper data integration strategy.
So, are you seriously considering data integration for your FinTech business in 2020? Get in touch with the SyncApps experts today.