5 Ways Financial Institutions Can Connect Critical Systems (without Developers)
Learn how banks and credit unions lacking developer resources can harmonize their systems.
While financial institutions’ (FIs) top strategic priorities for the next two years are varied, two commonly reported goals—increasing efficiency and using data for insights (cited by 45% of banks and 42% of credit unions respectively)—underscore the need for more seamless system integration across banks and credit unions.
Meanwhile, although 79% of FIs plan to increase their tech investments in 2024, the majority still say acquiring and retaining skilled talent is one of their top concerns.
So, banks and credit unions need to integrate their disparate systems in order to achieve their top strategic goals—particularly since growing tech investments are bound to create even more complexity in their environments—but they’re struggling to find the skilled staff to develop the necessary integrations.
Fortunately, hiring more developers isn’t the only option for FIs looking to harmonize their systems. We’ll walk through five alternatives for forward-thinking but resource-strapped institutions.
How Banks and Credit Unions Can Integrate Systems without Developers
From core systems and loan origination solutions to CRMs and risk management tools, today’s financial institutions often grapple with a tangled web of modern and legacy systems; when these systems don’t communicate, it slows the pace of business and hinders customer experience.
To avoid the pitfalls of siloed systems and more effectively target strategic objectives, FIs need to ensure their critical systems communicate seamlessly. Here are five strategies to do just that, even when developer resources aren’t available:
1. Leverage low-code/no-code platforms
Low-code and no-code platforms have revolutionized the way applications are developed and integrated. Many of these platforms offer a comprehensive toolkit designed to simplify and accelerate the integration journey, allowing non-IT business users to create and customize integrations with minimal coding knowledge.
By utilizing a low-code solution such as iPaaS, banks and credit unions democratize integration, placing the power firmly in the hands of non-technical stakeholders. With intuitive interfaces and user-friendly workflows, these platforms empower business users to take ownership of integration initiatives, fostering innovation and efficiency across the organization. Empowering non-technical staff to own integration projects reduces the burden and reliance on developers.
2. Harness the power of APIs
Application Programming Interfaces (APIs) serve as the building blocks for system integration. Adopting an API-first approach by investing in solutions with robust API management capabilities enables institutions to expose their services in a standardized and secure manner, facilitating seamless integration with third-party systems.
With the proper API documentation and management tools in place, non-developer teams can easily consume and integrate APIs into their workflows. For example, a tool like iPaaS ensures FIs can easily connect their core system with outside applications to drive real-time communication.
3. Seek solutions with pre-built connectors
Modern tools like iPaaS solutions often come with pre-built connectors and templates for popular systems, reducing the time and effort required for integration. Banks and credit unions can leverage these pre-existing integrations to connect core banking systems, CRM platforms, and other essential applications without extensive developer involvement.
The key to success with pre-built connectors lies in finding a solution capable of integrating the systems that matter most to your organization; for example, an iPaaS solution may offer pre-built connectors for core banking systems like Corelation, Symitar, and Fiserv, as well as for enterprise applications like Salesforce and Microsoft Outlook. This means financial institutions should seek tools purpose-built for the financial services industry.
4. Adopt agile methodologies
Agile methodologies promote iterative development and collaboration among cross-functional teams. Agile practices can help banks and credit unions break down integration projects into smaller, manageable tasks and prioritize them based on business needs. In institutions without vast developer resources, this clear prioritization is vital.
An agile approach can prove equally useful for organizations that have adopted low-code platforms and/or solutions with robust API capabilities and pre-built connectors. Through agile practices, institutions can view integration projects in bite-sized increments, making them more manageable for citizen developers.
5. Ensure reliability through monitoring and testing
Even without extensive developer resources, banks and credit unions must prioritize monitoring and testing during the integration process. Implementing automated testing frameworks and real-time monitoring tools helps detect issues early on and ensures the stability and reliability of integrated systems.
Non-technical teams can leverage user-friendly testing and monitoring interfaces to validate integrations and troubleshoot potential issues.
While integrating critical systems takes work, not integrating them simply isn’t an option for financial institutions looking to enhance efficiency, leverage up-to-date data, and scale their operations. Thanks to solutions like iPaaS, especially those purpose-built for the financial services industry, banks and credit unions no longer have to settle for disconnected systems due to a lack of developer resources.
By putting the power of automation and integration in the hands of non-technical business users, financial institutions can achieve the connectivity and real-time communication they need.