Answer
The below is the answer:
1. To implement the agile, reusable and interoperable banking system, use the iPAAS which is cloud integration platform that use the cloud technology.
The block diagram of this technology in the domain of banking system.
iPaaS stands for integration platform as a service, which is basically a cloud based tool for automation of applications. In simple terms when we talk about iPaaS and banking, we are referring to using integration as a platform to connect banks and financial institutes with the newest applications and innovations taking place in the finance industry. A platform like our own Quickwork Journey Builder can help set this up quickly, and this can even work as a hybrid solution as it is possible to connect your legacy systems to interact with FinTech APIs.
iPaaS in domain of Banking system
- Improved Customer Service: There are more applications than we can account for, and new ones being released as you read this piece itself. The average customer is spoiled for choice and they use multiple financial applications to get what they want. Instead of looking at these applications as competition you can see them as supplements to what you’re offering. By creating seamless data transfer between your systems and these applications you are retaining your customer, since they now have a bank that is flexible and understanding to it’s customers needs. Your customers will be happy since you’re helping them create a connected system to manage their finances.
- Adapting To Customer Demands: Customer demands and needs are constantly changing, to keep up with the pace of their demands, new products and services need to be launched and they need to be launched quickly. As a bank, creating micro applications that cater to a service is quicker than updating your central systems each time you need to launch or test out something new. This not only allows you to launch and test things individually, but the decentralised approach also ensures that things can be looked at singularly when it’s time to update. With the help of integration you can connect your applications together by building APIs.
- Increase Efficiency: You’re not just going to be using integration on an external level to reach out to your customers. Integration can also help you expedite your internal workflow, you can use integration to help streamline the tasks of your employees, and work quicker, automation can take care of the busywork that is done manually allowing your employees to work faster and in a more productive manner.
- Leverage The Applications:As a bank/institute you already have a large reserve of customers in your base, retain them by innovating your offerings to reach out to them in more engaging ways. Leverage the use of messenger applications and social media platforms to provide your services, create personalized templates, and use external applications to support your own technology and services. Use FinTech as a building block to innovate in the field of finance, and focus on creating applications and services that enhance user experience.
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