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.
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From Dull to Durable: Transforming Your Commercial Concrete with Expert Repair
Concrete is the most popular choice for commercial properties. It constitutes a wide range of structural elements, from sidewalks, driveways and patios. Concrete is a durable and long-lasting material. However, you might observe some signs of wear and tear over time. Don’t worry! Commercial concrete repair service in Brooklyn, NY, will address the issue immediately and efficiently.
A sidewalk concrete repair specialist in Brooklyn, NY, will transform your dull, damaged concrete into a durable and visually appealing surface.
Different Types of Concrete Damage
Although concrete is a strong construction material with a long lifespan, it may not often stand the test of time. There are various types of damage that you might observe in your structure, such as:
Cracks are a common type of concrete damage, especially on sidewalks and driveways. They can range in size from small hairline cracks to large gaps that run the surface length. Various factors, including temperature changes, heavy traffic, and settling the ground beneath the concrete, can cause cracks.
It’s essential to repair the cracks as soon as they occur to prevent further damage and ensure your property’s safety. A sidewalk concrete repair specialist in Brooklyn, NY, can use crack injection or surface patching techniques to fix the issue.
Chips in concrete can be caused by impact or regular wear and tear. It can weaken the structure, making it more susceptible to future damage.
Chip repair involves restoring the affected area with patching materials and color-matching techniques. It restores the surface to its original appearance.
Holes in concrete can be caused by heavy traffic, construction, and natural elements such as wind and rain. Its repair can be a complicated process, but it is essential to ensure the safety and longevity of your concrete surfaces. A skilled concrete repair specialist can repair holes using various techniques, including surface patching and epoxy injection.
Discoloration of concrete can be caused by exposure to the elements, such as sunlight and rain, or by using certain chemicals. Expert commercial concrete repair service in Brooklyn, NY, may use surface cleaning and staining techniques to restore the appearance of the concrete.
Oil, grease, and other substances can result from various factors. Cleaning the surface thoroughly using a stain remover designed for concrete is essential to remove stains. If the stain is stubborn, expert concrete repair services may remove it with a pressure washer or sandblasting.
Common Concrete Repair and Restoration Techniques
Concrete repair and restoration experts utilize the latest techniques and technologies to ensure the best results. Some of the most common and effective concrete repair and restoration techniques include:
This process involves applying a thin layer of concrete over the existing surface to restore its appearance and provide added durability.
It involves filling in cracks in the concrete to prevent further damage and enhance its overall appearance.
This process levels uneven concrete surfaces, making them safer and more functional.
This technique involves adding decorative elements, such as patterns, color, and texturing, to enhance the aesthetic appeal of your commercial concrete.
By utilizing these techniques and other advanced concrete repair and restoration methods, expert repair services can provide lasting and effective solutions for commercial concrete.
Perks of Commercial Concrete Repair Services
Expert commercial concrete repair services will transform the health and aesthetic of the structures. Some of the perks they offer are:
Aesthetically pleasing surfaces and Professional Results
Expert concrete repair services use the latest tools and techniques to repair concrete damage. They ensure that the surfaces look aesthetically pleasing.
By repairing cracks, chips, holes, and other types of concrete damage, you’ll reduce the risk of trip hazards and other safety concerns on your commercial property.
Peace of mind
When you choose expert concrete repair services, you’ll have peace of mind knowing that your commercial property is in good hands. You can trust that your concrete surfaces will be repaired efficiently.
Concrete damage can range from cosmetic to structural. It is essential to address it as soon as it occurs to prevent further damage and ensure the safety of your property. With the help of a commercial concrete repair service in Brooklyn, NY, you can restore your concrete surfaces to their former glory and extend their lifespan. So if you’re facing concrete damage, don’t wait. Contact a concrete repair specialist today!
5 Painful Mistakes Data Engineers Make and How to Avoid Them
It is always called that data science is the sexiest job in the 21st century. But now, data engineering careers are poised to give data scientist’s tough competition. Data engineering jobs are gaining more attention than data science jobs. When you decide that data engineering is your field, you need to understand that becoming a data engineer is a career, not a destination. Usually, people talk about the positive aspect, but nobody talks about the mistakes and how to avoid them.
So, it’s not easy, and data engineering professionals keep complaining that there is a massive gap between self–educated data engineer skills and real–world working in that field. Here are five common mistakes and traps that even the most skilled data engineers can fall into and what you can do to avoid pitfalls.
Common Mistakes that Data Engineers Make
The following are the common mistakes usually made by data engineers in their careers.
1. Not Considering Needs of End Users
One of the most common mistakes that data engineers usually make is paying attention to the needs of the end users. Many articles published on the internet discuss this topic, but engineers still avoid it. The data engineering decision is driven by the organization’s goal and customer needs.
So, it is best to ask questions:
· What tools and programs can you access?
· Are your data structures easy to access?
· What are the general skillsets?
· Is the end user known about SQL?
Even the most technologically advanced system is good as its end-user usefulness, so their requirement should be prioritized in the development process.
2. Builds Complex Logic in All
Data becomes complex, and delivery timelines shrink, so it is the nature of data engineers to build complex systems. Complex systems have thousands of lines of code, and only some are structured, making them difficult to maintain. Often, it becomes impossible to debug when an issue occurs and is only solved by the original developer. Thus, it is the responsibility of data engineers to build a simple system that is easy to understand for a newbie.
It is crucial to maintain an excellent modular structure for work, build functions that are easy to understand, and use appropriate naming conventions. Also, remember that you don’t have to plan everything when designing scalable architectures. What may seem obvious now might change later. You should have the plan to scale your software and how you will respond to evolving needs without causing any inconveniences for current users.
3. Not Asking Questions
The most significant mistake data engineers make in their starting careers is not asking questions. The data is carved in stone, but without clarity of how it should be put together and its purpose, new data engineers often lose sight of what they are trying to accomplish. Discovering the desired business benefit of each project makes prioritization on how to scrape and manage data smoothly.
So, raising the question in any project is essential, and they are more crucial than ever in the world of data. Asking questions will enable you to avoid costly mistakes, miscommunications, and misunderstandings among team members. At every step of the project, you need to ask questions because it ensures what is building and what is required.
A few of the popular questions are:
· What data needs to be collected?
· What problems are we trying to solve?
· What is the deadline for completing the task?
· What do we need to solve the problem?
· What is the time limit to complete the project?
4. Not Making their Fundamentals Strong
Most data engineers make a significant mistake by not making their fundamentals strong. It is expected from data engineers to have strong command in coding/scripting and SQL. However, if a data engineer does not work on a simple project and directly jumps to write a complex data pipeline, it creates a mess in coding.
So, data engineers should be conversant enough in databases and relational database management systems. It will create problems even in the simple data model if you don’t understand the difference between the primary and surrogate keys, it will create problems even in the simple data model.
5. Not Checking Data Accuracy
Many types of data are used in the systems you designed. These data may come from many sources. Data engineers must be aware of the importance of accuracy as there are
more information sources daily. Let’s assume you are the data engineer responsible for your company’s sales and marketing systems. You might be responsible for building data pipelines or dealing with different types of information.
· Social media data.
· Search engine data.
· Data warehouses and ERPs can provide order information data.
· Salespeople and employee information from the HRMS systems.
· Information and financial forecasts.
The social media data and search engine data are intuitively interpreted. However, it requires a lot more cleaning. You might think upstream systems such as ERPs or data warehouses would have clean data. Despite your best efforts to ensure accuracy, errors and issues can always occur in intermediate transformations before you receive the data. This could have an enormous impact on the system you create.
Data engineers should remember the golden rule. Only assume that the data is correct if you’ve done your checks. To ensure accuracy, you should include standard checks in your development process. SQL allows you to create queries that highlight discrepancies at your end. This can make the difference between success and failure in a project.
Data engineering is a great way to build a career in the data world. The demand for data is increasing, and the development of big data technologies to aid in response to the demand. Job opportunities are growing, and many people are attracted to them, ultimately increasing the competition. So, obtaining data engineering certification and differentiating you from others is essential.
I’m a professional Web and graphic designer with 5 years of experience in developing web design skills.
10 Steps to Finding the Perfect Vehicle Repairs
Finding the perfect vehicle repairs can be a daunting task, especially if you are unfamiliar with the process. There are many different repair services available, which can make it difficult to know where to start. This article will provide an overview of 12 steps that you should take in order to find the best vehicle repairs for your car or truck.
Step 1: Research Repair Services
The first step when looking for Vehicle Repairs Northampton is to identify potential repair shops and research their services. You’ll want to consider how long they have been in business, what kind of services they offer, and any customer reviews you can find online. It’s also important to determine whether or not they specialize in certain makes and models of cars so that you know they have experience working on your type of vehicle.
Step 2: Ask Questions
Once you’ve identified a few potential repair shops, it’s important to ask questions about the services they offer and their policies. Find out whether or not all parts come with a warranty, what kind of payment methods they accept, and if they offer any discounts for certain repairs. It’s a good idea to ask how long the service will take to finish so that you can make appropriate plans.
Step 3: Get Quotes
The next step is to get quotes from each of your chosen repair shops so that you can compare prices and services. Along with the cost, you should think about how long it will take to perform the repairs, which components and materials are a part of the estimate, and any other costs that might apply.
Step 4: Read Reviews
Before committing to a repair shop, you should read as many customer reviews as possible. This will give you an idea of how trustworthy and reliable their services are, as well as whether or not they offer quality workmanship.
Step 5: Check Their Reputation
Another important step is to check out each repair shop’s reputation before making your final decision. Look for signs of professionalism such as industry certifications or awards they have received from auto associations or organizations. You should also ask them if they belong to any professional networks or associations that would provide them with additional training or resources.
Step 6: Ask for Referrals
Don’t be afraid to ask around for referrals from family and friends who have used a particular repair shop in the past. This is a great way to get an honest opinion about a shop’s services, as well as find out if they offer any discounts or other perks that could save you some money.
Step 7: Inspect the Shop
Before agreeing to use a repair shop, it’s important to inspect their location to make sure that everything is up to safety standards. Check out their equipment and tools to ensure that they are properly maintained, and look for signs of cleanliness and organization throughout the facility.
Step 8: Make Sure They Have Insurance
Another important step is to make sure that the repair shop you choose has adequate insurance coverage. This will help protect both you and the shop in case of any accidents or damages that occur during repairs.
Step 9: Look for Warranty Options
When it comes to Vehicle Repairs Northampton it’s always good to look for warranty options as well. Many shops offer warranties on certain parts and services, so be sure to inquire about these when getting quotes from each shop.
Before making a choice, be certain you are well aware of what the warranty covers and does not. Additionally, look into whether or not there are any extra fees associated with a warranty option. This can help you make an informed decision on which repair shop to go with. A sense of security comes from knowing that you are properly secured in case of problems in the future.
Step 10: Inquire About Payment Terms
Before committing to a repair shop, it’s important to ask about their payment terms. Find out what kind of payment methods they accept, if there are any additional fees associated with the service, and what kind of payment plans they offer.
By following these steps, you can make sure that you find a reliable repair shop that will provide quality services at a reasonable price.
Finding the right repair shop for your vehicle can be a daunting task, but it is well worth the effort. By researching potential shops and asking questions about their services and policies, you can make sure that you get the best possible service for your vehicle at an affordable price. Don’t forget to check customer reviews and inquire about warranties, payment terms, and insurance coverage before making your final decision.
With a bit of research and preparation, you can easily find a trustworthy repair shop that will provide reliable services and MOT Northampton at an affordable cost.
Cunningham’s Autocare and Recovery, one of the largest retailers of tyres Redditch. We are widely recognised in and around Worcestershire.
Admin: [email protected]
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