Data: The great deliverer - An exciting time for digital finance

The only problem is, the great looking, easy-to-use applications launched to provide shiny digital experiences are often based on big, old, creaky data storage systems that don’t want to give up their secrets. Providing access to this data is vital, but many digital transformation teams don’t consider how to do it until they’re too far down the line.

Building new data storage systems from scratch is a costly option due to their sheer size alone, never mind the strict regulations that govern their set up. But using legacy systems that were constructed when information about yesterday’s bank balance or shopping transactions was enough to keep customers happy also presents a problem. Back when they were built, there simply wasn’t the need to provide access to data at the speed required today, nor in the particular way that new apps want to consume it.

This presents a golden opportunity for companies that understand both the digital UX and integration worlds, while having the credentials of delivering highly reliable scalable integration projects. Those who can architect solutions to provide fast access to legacy data systems while improving that system’s scalability and resilience are increasingly in demand. Over the past few months, my team has been approached about doing just this time and again.

Data is extremely valuable. Not many people would argue otherwise. But all too often, project teams underestimate the challenge of providing access to it. Leaving this to chance to focus on the more widely understood importance of UX and UI can give rise to long delays and spiralling costs. There’s true value in getting it right first time around.

Behind every new digital experience lies hard number crunching and complex data transformations. Or so the (new) saying goes.

About the Author...

Responsible for the Finance Sector clients at Answer Digital, Nigel leads projects delivering measurable outcomes for commercial success across a broad range of customers in Wealth Management, Life and Pensions, Insurance and B2B Leasing.