Financial institutions like banks and credit unions are some of the most data-rich organizations in the world. With access to members’ spending habits – from direct deposits and cash inflows to expenditures like mortgages and payments for bills – there’s a treasure trove of data. So, why are some banks and credit unions often disconnected and unable to understand their customers or members?
The customer and member data that banks and credit unions have access to is often in complete disarray, lacking a bridge between information and action. Compounded by a growing demand for higher levels of personalization, financial institutions are searching for solutions that organize their data and provide the unique experience clients expect. The key to doing so is automating an organization’s data orchestration.
Seamlessly orchestrate data with workload automation
For organizations that store data across disparate systems, the business objective of workload automation and orchestration (WLA&O) reaches beyond simply “automating away” all business intelligence and personalization challenges. Instead, it’s about making it much easier to manage those priorities and solve the issues an organization runs into during automated processes. The first step is utilizing a solution that can help to move and orchestrate data coming from all systems into a database – including core, payment, and online systems. A WLA&O platform can move that data to where an organization wants it stored and does so with the guarantee that the data will make it to the desired destination, in the correct order, and on schedule.
On the same note, if anything fails in the course of action, WLA&O can take steps to remedy the situation or back out quickly if needed. Suppose that your leadership team compiles a weekly report based on a daily five-step process for obtaining and transferring a specific data collection. If the third dependency in the workflow fails, WLA&O halts the process, sends an alert, and takes steps to solve the issue so that the fourth step can begin. If necessary, the platform can repeat the first three steps to ensure that the leadership team isn’t making crucial business decisions based on only 60% of the week’s data.
Using workload automation and orchestration technology in tandem with extract, transfer, load (ETL) tools, which help move and normalize data from numerous systems where it lives in a data warehouse, will make these tools even more powerful. The resulting data management and sophisticated insights enable institutions to better understand members and customers, as well as which services and features might be a good fit for them. This is critical to boosting customer and member loyalty and business performance. When the best offers are in front of people at the perfect time, the number of accounts opened will increase, boosting the performance of marketing and content communications while building stronger relationships with members and customers.
Boosting current data automation
For organizations already utilizing an automation tool, WLA&O helps take it a step further. If they already have a process set up to run automatically at a specific time every day, automation ensures a workflow’s third dependency doesn’t fail in the first place. More specifically, it can be set up to comprehend that a step dependent upon a specific process hadn’t run yet or had otherwise been delayed. It’s more than just automating specific data management processes – it enables end-to-end automation and orchestration that gets ahead of issues before they become problems. WLA&O supports a financial institution’s data warehousing and business intelligence by preventing errors, delays, and failures that can often happen with less sophisticated automation tools.
Stepping up an institution’s data orchestration
When a financial institution can orchestrate its data in this way, more personalized experiences can be delivered to members: better features, services and offers. Automation also gives leadership teams the insights they need to make critical business decisions that ultimately shape the organization moving forward. With WLA&O, business intelligence and data management procedures will go from being a tedious, manual ordeal to a simplified, well-orchestrated flow of information that gives leadership the information they need to carry the business forward.
About the Author
Ryan Dimick is the Chief Technology Officer at SMA Technologies in Houston, Texas. Throughout his nine-year tenure at SMA, Technologies Ryan has also held positions as Director of Engineering, Director of Cloud Services, Software Architect, and Sr Business Consultant. He started his career at Corning Credit Union as a user of the OpCon automation platform and held positions in IT Operations and Programming. Outside of work, Ryan loves to be creative in the kitchen by mixing cuisines and creating culinary concoctions with his family. He loves running with his dog, the serenity of growing a garden and producing his food, and his competitive spirit prevents him from saying no to ping pong challengers.
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