Digital transformation in BFSI: 5 trends with data virtualization
Digital transformation is a business priority for organizations across industries. Evolving customer expectations, fierce competition, an increasing need to streamline operations and more factors are driving the quest for innovation and reinvention.
For banks and financial service organizations, digital transformation isn’t an option; it is essential. Consumers have increasingly switched to the convenience of online and mobile banking. The global pandemic has only underlined the importance of digital solutions as contactless payments, mobile commerce and more have become an essential part of a touchless customer experience in the age of social distancing.
According to BDO’s 2020 Financial Services Digital Transformation survey, 100 percent of middle-market organizations across asset management, financial institutions and insurance industries have already either developed a digital strategy or are planning to develop one. However, only 27 percent are executing on a digital strategy.
While some organizations are readily capable of embracing digital transformation, the journey might be challenging, even daunting, for others. For most, it is important to shift their thinking, upskill employees and update organization culture to become a digital business.
For most BFSI companies, data virtualization facilitates digital transformation with the help of advanced data integration and data delivery methods that enable more agility, more flexibility and higher efficiency.
Data virtualization plays a key role in accelerating business value. It helps integrate data from multiple sources without moving or having to copy it, while providing a single virtual layer to access all necessary data.
In this article, we enlist the digital transformation trends in the BFSI industry with data virtualization.
With most financial service companies now employing multiple cloud services, data virtualization is proving critical in integrating all the data from the different services from cloud providers.
Cloud computing offers myriad benefits that are widely acknowledged. However, the journey to reaping those benefits may be challenging.
Maintaining hybrid cloud infrastructures can be complex. The reason being organizations may need to combine multiple data sources in different formats and protocols from various cloud services. The sources may also include legacy on-prem and SaaS, the acronym for software as a service, applications.
To help address the challenges, data virtualization is kept in the architecture atop the different data sources. This provides a single layer that removes the complexity for users while exposing and integrating all the data with the help of a secure, unified data fabric layer.
Data is not moved or stored repeatedly, which means the IT department can proceed with cloud migrations and changes to the application without disrupting business users.
The use of contactless cards has grown rapidly in recent years and the possibility of a cashless society, where financial transactions will not be conducted with money in the form of physical coins and banknotes, cannot be ruled out.
One American multinational financial services corporation has documented that 31 million Americans tapped their contactless card or a digital wallet in March 2020; it was 25 million more in number compared to in November the previous year.
Equally, the percentage of people paying with cash is reducing drastically too. The numbers offer an insight into the payment patterns.
Reducing fraud is one of the salient features of contactless or digital payments, which also provide banks and financial organizations with new upsell opportunities.
Agile development is the need of the hour to take advantage of such shifts in customer behavior and data integration is again important to bring it to fruition.
Data virtualization is being leveraged to accelerate analytics outcomes with users reportedly saving 80-90 percent of traditional development and deployment times, which translates to competitive advantage.
Enhancing customer experience
The global pandemic has indeed accelerated the need for digital transformation for financial institutions, with consumers themselves more demanding.
Chatbots and virtual assistant are being widely deployed, while analytics and artificial intelligence (AI) are helping generate insights and facilitating personalized banking, which are in turn improving customer experience.
For banks and financial companies, the additional data presents more opportunities for upselling existing products, propensity modelling, reducing fraud, and to gain a clear understanding of new, better offerings.
For digitization and analytics to be effective to enhance customer experience, data integration is essential. Data virtualization is helping accelerate those capabilities by being a single point of access to all data, irrespective of location and source.
A couple of key challenges must be addressed in open banking.
One key question is how much data you can expose and how it can be achieved. Data integration is the other challenge with open banking depending on the consolidation of data from multiple, siloed data sources.
Data virtualization’s unified data layer enables any data source or application to be combined in the virtual layer and exposed to any number of consumers of data.
The virtual layer in the data virtualization platform also provides centralized security, governance, and early exposure via APIs, in addition to accelerating data integration.
In contrast to traditional data integration methods that depend on batch movement and typically copying high volumes of data, data virtualization enables real-time access to data.
Online and mobile banking
According to a Statista report from November 2020, adoption of online banking increased from 55 percent to 76 percent in the last five years. And of course, the trend is only set to continue its upward trajectory.
Exposure of internet banking services and exposure of applications on mobile devices require backend data integration from multiple disparate systems. A lot of those systems were built without taking into account the new data integration requirements.
Leveraging data virtualization as a common layer to expose all sources helps a data model to be developed once before exposing it to consumers of multiple channels. It helps accelerate development and add new services, products and functions.
Digital transformation helps unlock key capabilities to respond faster to customer needs, improve personalization and thereby enrich customer experiences. With the help of data virtualization, financial organizations reduce time-to-market and achieve greater agility to meet evolving market dynamics.
warning ….?…. Date May/08/2021…?complete your profile…..otherwise, odysseynews did not accept your article
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How much is a taxi from Sydney airport to the city?
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The fare for a taxi ride from Sydney Airport to the city depends on various factors such as the time of travel, distance, and any additional surcharges. It is recommended to check with Silver Taxi in Sydney directly or visit their website for the most accurate and up-to-date information regarding fares and pricing.
Their transparent and competitive pricing policy ensures that you receive a fair and reasonable rate for your journey, allowing you to reach your destination conveniently and within your budget.
Is uber cheaper than taxi from Sydney airport?
When it comes to comparing the cost of Uber and a taxi from Sydney Airport, it’s essential to consider various factors. While Uber may sometimes offer competitive rates, it’s worth noting that surge pricing during peak hours or high-demand periods can significantly affect the fare.
On the other hand, Silver Taxi in Sydney provides reliable and transparent pricing for airport transfers. With Silver Taxi, you can have peace of mind knowing that the fare remains consistent, regardless of the time or demand.
Additionally, Silver Taxi drivers are experienced professionals who know the most efficient routes to and from the airport, ensuring a smooth and timely journey.
While both Uber and taxis have their advantages, Silver Taxi in Sydney offers the convenience, reliability, and fair pricing you need for a stress-free airport transfer experience.
Is it easy to get taxi at Sydney airport?
Getting a taxi at Sydney Airport is a convenient and straightforward process, thanks to the services provided by Silver Taxi in Sydney. As one of the leading taxi companies in the city, Silver Taxi ensures a seamless experience for passengers arriving at the airport.
Sydney Airport has designated taxi ranks where Silver Taxi vehicles are readily available. Passengers can easily locate these ranks and find a Silver Taxi waiting to provide transportation. The airport staff is also available to assist in directing passengers to the taxi ranks.
Silver Taxi in Sydney prioritizes customer satisfaction and understands the importance of prompt service. With their reliable and efficient fleet of well-maintained taxis, driven by professional and experienced drivers, Silver Taxi in Sydney guarantees a hassle-free experience when looking for a Sydney taxi airport service.
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How much is uber from Sydney airport to city?
When considering the cost of an Uber ride from Sydney Airport to the city, it’s important to note that Silver Taxi in Sydney offers competitive and transparent pricing for airport transfers.
While Uber fares can vary based on factors such as time, distance, and surge pricing during peak hours, Silver Taxi provides consistent and reliable rates. By choosing Silver Taxi in Sydney, you can avoid any unexpected price surges that might occur with Uber.
Additionally, Silver Taxi drivers are experienced professionals who are familiar with the most efficient routes, ensuring a smooth and timely journey from the airport to the city.
With Silver Taxi, you can have peace of mind knowing that you will receive fair and reasonable pricing for your airport transfer.
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Do you tip taxi drivers?
Tipping taxi drivers is a common practice in many countries, including Sydney. While tipping is not mandatory, it is considered a courteous gesture to show appreciation for excellent service provided by taxi drivers.
If you choose to tip your Silver Taxi driver in Sydney, it is greatly appreciated. The amount of the tip is typically discretionary and can vary based on factors such as the quality of service, assistance with luggage, or any extra amenities provided during the ride.
Silver Taxi in Sydney values customer satisfaction, and a gratuity for your driver is a way to acknowledge their professionalism and ensure a positive experience.
Is uber available in Sydney?
Yes, Uber is available in Sydney. However, when it comes to reliable and convenient transportation services, Silver Taxi in Sydney is an excellent alternative.
While Uber offers ridesharing services, Silver Taxi provides a dedicated and professional taxi service with experienced drivers and well-maintained vehicles. Silver Taxi in Sydney prioritizes customer satisfaction and ensures a seamless experience for passengers.
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Considering the Potential Side Effects of RSO and CBD in Children
RSO (Rick Simpson Oil) and CBD (Cannabidiol) are cannabis extracts that have gained attention for their potential therapeutic benefits in various populations, including children. While both substances have shown promise in certain medical conditions, it is important to consider the potential side effects when considering their use in pediatric patients. In this article, we will explore the possible side effects of RSO and CBD in children.
RSO, which is rich in THC (tetrahydrocannabinol), the psychoactive compound in cannabis, may have significant side effects, particularly in children. The high THC content can cause psychoactive effects such as altered perception, impaired cognitive function, and sedation. These side effects can impact a child’s cognitive development and educational performance. Moreover, the long-term effects of THC on the developing brain are still not fully understood, and excessive exposure to THC during childhood may have adverse consequences.
On the other hand, CBD, which is non intoxicating and does not produce a “high,” is generally considered to have a favorable side effect profile. However, it is not entirely free of potential adverse effects. Some children may experience mild side effects such as drowsiness, dry mouth, changes in appetite, or diarrhea when using CBD. These effects are usually temporary and diminish with time or adjustment of dosage.
It is important to note that the side effects of RSO and CBD can vary depending on several factors, including the child’s age, weight, individual sensitivity, and the specific medical condition being addressed. Additionally, the quality and purity of the product, as well as the dosage used, can also influence the occurrence and severity of side effects. Therefore, it is crucial to consult with a healthcare professional experienced in pediatric cannabis medicine for personalized advice and guidance.
When considering the use of RSO or CBD in children, it is essential to be aware of the legal and regulatory framework governing cannabis products. While CBD derived from hemp is legal in many jurisdictions, RSO, with its higher THC content, may be subject to stricter regulations or limited availability. It is crucial to comply with local laws and obtain these substances from reputable sources to ensure safety and legality.
Furthermore, it is important to consider the potential drug interactions between RSO/CBD and other medications that the child may be taking. Cannabinoids can interact with certain medications, including those metabolized by the liver’s cytochrome P450 enzyme system. This interaction can affect the metabolism and effectiveness of these medications. Therefore, it is crucial to inform healthcare professionals about all medications, including RSO or CBD, being used to avoid any potential adverse interactions.
Lastly, the decision to use RSO or CBD in children should involve a comprehensive evaluation of the child’s medical condition, the available evidence supporting their use, and careful consideration of the potential risks and benefits. Healthcare professionals with expertise in pediatric cannabis medicine can provide valuable guidance in this decision-making process.
In conclusion, while RSO and CBD hold potential therapeutic benefits, it is essential to be aware of the possible side effects, particularly when considering their use in children. RSO, with its high THC content, can have psychoactive effects and impact cognitive development. CBD, although generally well-tolerated, may still cause mild side effects. Consulting with healthcare professionals and ensuring compliance with legal regulations are vital steps in ensuring the safe and appropriate use of RSO or CBD in children.
I am a professional content writer.
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