Challenges for Financial Services Providers: Data Silos

Many banks and financial institutions utilize big data for improved decision-making and operational agility. However, isolated data repositories make it difficult for companies to gather information from diverse sources efficiently.

Addressing Data Silos with MuleSoft Integration

Data silos are a common issue in banking, prompting institutions to adopt MuleSoft integration services. MuleSoft empowers users to segment fragmented data and foster collaboration across internal sources. To maximize the benefits of data analytics services, banking firms must first address data silos.

Using Salesforce-powered MuleSoft can enhance the overall banking experience by ensuring smooth access to siloed data. This article details how MuleSoft data integration services can eliminate data silos in finance and why enterprises should adopt them.

Understanding Data Silos

Data silos hinder digital transformation, with 89% of IT leaders acknowledging their impact. A data silo is a collection of information accessible only to specific departments or teams within an organization. These silos typically exist within large databases, systems, and applications, making data integration and sharing challenging. Banks using modern data engineering solutions struggle to collect, generate, and analyze insights due to siloed data sources. For instance, a finance strategist might use big data to track customer behavior across various channels, but fragmented data silos can complicate this process. Prioritizing MuleSoft data integration is essential for addressing these challenges.

Breaking Down Data Silos in Banking

A recent report indicated that 39% of data-driven enterprises manage over 50 data silos. Complex hierarchical data structures confined within multiple management layers exacerbate data access and sharing challenges. Hiring data integration experts using MuleSoft Salesforce can effectively address these issues.

Managing Legacy Data

Outdated systems often contribute to data silos, complicating legacy data management and restricting access. MuleSoft helps integrate and connect this data with other internal applications or software.

Overcoming Data Exchange Barriers

Siloed data sources hinder the integration and maintenance of disparate banking software or apps, reducing operational efficiency and customer service quality. MuleSoft API-led connectivity facilitates data exchange across cloud and on-premises applications, eliminating siloed data sources.

Managing Siloed Data with MuleSoft Salesforce Integration

MuleSoft uses API-led connectivity to streamline data sharing across applications, tools, systems, and platforms. It automates data extraction from siloed sources using Robotic Process Automation (RPA), improving process efficiency and customer relationship management.

Best Practices for Using MuleSoft Salesforce to Break Down Data Silos

MuleSoft Anypoint and its pre-built connectors enable seamless API integration, ensuring secure communication between internal teams, applications, and third parties.

Promoting Smooth and Secure Data Sharing:

Financial firms should prioritize collaboration across departments, software, and systems. MuleSoft integration automates data accessibility with API-led connectivity, integration, and automation.

Achieving a ‘Golden Source’ - A Unified View of Data from Multiple Sources:

MuleSoft Salesforce allows banks to view all integrated data holistically, improving transparency and trust among internal departments.

Opting for Data Integration Services:

MuleSoft's enterprise integration tools enable users to integrate new databases with automated extraction, segregation, and data transformation. This approach enhances scalability, security, and cost-efficiency.

Focusing on Data Security:

MuleSoft Salesforce enhances financial risk analysis and management with robust technology and multi-layer security features, ensuring data privacy and protection.

Adopting API-led Connectivity:

Real-time data access is facilitated through secure and reusable APIs, addressing the high costs and low productivity associated with data silos.

Data Management in Action with NJC Labs

NJC Labs has been working with clients in banking and wealth management to break down data silos and create a more streamlined working process for data management. Find out about how we helped a high-profile banking service provider to achieve better results, including considerably reducing technical debt and onboarding multiple SaaS Systems quickly, accelerating innovation and the adoption of open banking standards at API level. All of which resulted in excellent feedback from customers through various MuleSoft-powered touchpoints. Learn more here