The Continuing Issue of Data Integration for Financial Services Organizations

January 12, 2015

The article on Kapow Software titled Easy Integration of External Data? Don’t Bank On It shows that data integration and fusion still create issues. The article claims that any manual process for integrating external data cannot really be called timely. Financial services organizations need information from external sources like social media, and this often means the manual integration of structured and unstructured data. A survey through brought to light some of the issues with data handling. The article explains,

“Integrating internal systems with external data sources can be challenging to say the least, especially when organizations are constantly adding new external sources of information to their operations, and these external websites and web portals either don’t provide APIs or the development efforts are too time consuming and costly… manual processes no longer fit into any financial organization business process. It’s clear these time consuming development projects used to integrate external data sources into an enterprise infrastructure are not a long-term viable strategy.”

Perhaps the top complaint companies have about data is that costliness of the time spent manually importing it and then validating it. 43% of companies surveyed said that they “struggle” with the integration between internal systems and external data sources. The article finishes with the suggestion that a platform for data integration that is both user-friendly and customizable is a necessity.

Chelsea Kerwin, January 12, 2014

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