Welcome to the first of our series of seven posts on choosing an FSI secure data transmission platform!
Over the last 5 years, banking infrastructure decision makers are increasingly being faced with new legislation and compliance regulations that change how IT systems are managed and monitored. IT budgets are expended managing these changes and although projects that create value for clients are required for business agility, IT is under pressure to do more with less funding.
The costs of running legacy environments, especially with an increased data exchange volume, further eat away money budgeted for value add IT projects. These changes mean IT infrastructure investors are requiring more out of their IT investments – with considerations for scalability and flexibility at the top of list of requirements.
At the same time, with the ability to switch banks vastly simplified, current and potential clients are informing themselves about the advantages and disadvantages of service providers. The speed at which banking can be integrated with a business can be a major factor in standing out – and ahead – of the competition. Marketable & Competitive IT advantages
Although speed, value add and cost may appear to be competing challenges, IT solutions exist which can provide marketable competitive advantages and address the pressure on IT budgets by:
- Being easily updatable, making IT changes faster in responding to change
- Reducing data exchange transmission costs and enhancing security while freeing up budgets for value adds such as giving clients greater transparency for their Big Data
- Providing a speedy onboarding for new and returning clients
- Allowing cross channel selling due to one consolidated platform for all channels
Meeting current demand is an immediate concern, but choosing a platform as a part of a long term technical infrastructure solution means also anticipating how a system can easily include future functionalities which have yet to be developed.
Reliably predicting future usage patterns and understanding the quality of service expected by clients and internal stakeholders is at the root of choosing a secure data transmission platform that is capable of growing with a financial institution. The solution must be a flexible base that includes, in the very nature of its structure, provisions for hassle free inclusion of new transmission standards and other banking-specific connectivity challenges as they arise. The infrastructure requires data security protection and should provide a lower total cost of operation by reducing the cost of data transfers.
An FSI specific Platform Increasingly, decision makers are also recognizing how the right secure transmission platform goes even further to create a competitive edge by providing specific solutions to FSI concerns.
Over the past 12 months, SEEBURGER has been awarded some of the most high profile projects replacing existing legacy platforms in financial institutions. SEEBURGER’s future proof, flexible, single platform solution is FSI tailored with specific functionalities that deliver solutions for the needs of the financial industry. Choosing an appropriate single platform constructed solution means fewer backend disparate systems to integrate, thereby enabling smoother integration for situations such as mergers and acquisitions.
SEEBURGER’s FSI tailored platform utilizes adapter technology to seamlessly coordinate different file structures and international standards, and does so rapidly with pre-filled templates for all major standards, and speeds up time-to-market for new offerings and integrations.
Next post, we’ll outline SEEBURGER’s FSI product road map and demonstrate how the needs of the financial services industry, including anticipating future trends, are built right into the developments for our FSI product. Stay tuned to our blog series on Choosing a secure data transmission platform for FSI and sign up to receive email alerts with new FSI related blog posts.