BrainBlog for GigaSpaces by Jason English
There’s a reason why banks are the exemplary institutions at the forefront of any serious enterprise integration discussion — and there’s a good reason why they’re held up as either success stories or cautionary tales.
Forget the ROI calculations of adapting and adopting. With nearly every aspect of their business success riding on digital capabilities, financial firms simply have the most upside and downside potential to every integration project.
Financial IT spending compared to other industries is roughly 3 to 1 for the average financial services firm. Note that we’re excluding extreme outliers such as mature trust funds that don’t need to invest much in IT to find new customers, as well as new ‘unicorn’ e-Banking and investment business models that started from scratch without any legacy infrastructure or customers.
Increased business pressure and spending on IT causes the people who operationalize real financial debt in the form of loans and interest on our own monetary assets to be literally awash in technical debt.
How can banks transform to escape a cycle of spending money and effort on maintaining existing systems and data stores rather than focusing on building new and differentiated functionality that will set them apart?
A digital integration hub (DIH) might be just the springboard needed to clear the institution’s hurdles to digital transformation.
A digital integration hub (or DIH) (demonstrated above with via GigaSpace’s Smart DIH architecture) offers a modern integration fabric architecture that overlays existing systems and data sources, combining them into a single high-performance data store that app developers can use to build new digital apps and services by querying the DIH through common API interfaces.
DIH can significantly help financial institutions overcome the four integration hurdles covered below.
Read the entire BrainBlog on the GigaSpaces site here.
