In today’s world where money needs to move quickly, bank processes have to be fast, efficient, and instinctive. The rise of apps and mobile banking makes all this even more critical and leaders and stakeholders in banking enterprises are more than willing to make it happen through digitization. The problem? An IT department that just can’t seem to keep up with the frenetic pace of the industry and deliver on time. Looking around, it becomes clear that issues in banking processes and operations are caused by slow-moving IT, which results in a slew of issues for the enterprise in the long run.
The problem arises when the IT team cannot deliver projects and services when needed. Whatever the cause, an IT department that cannot work efficiently can slow down the way an entire bank functions which sets off a domino effect of problems that will have tech and client-facing staff losing their minds. The best way around this is to make sure IT doesn’t ever slow down in the first place.
This blog will discuss how banks and other finance-related organizations can prevent the issue of slow technology from happening in the first place.
Preventing Slow-Moving IT: 4 Effective Ways
These are a couple of ways banks can avoid slow-moving technology from creeping up and creating inconvenient delays for customers. While these are not quick or easy options, they are necessary for the financial industry as most banking institutions have clients who prefer quick, online, and mobile banking options.
Strategize Your Integration Game
This may be the best option for banks everywhere, not just for tech speed issues but for security, scalability, and overall flexibility. Many banks still rely on point-to-point integration which simply doesn’t cut it anymore, especially for bigger enterprises. P2P integration requires code to be rewritten every single time a system is integrated with others. This requires a huge amount of time and plenty of maintenance which slows down the pace of delivery even more. Switching to APIs is a wonderful alternative because it solves multiple problems in one go.
Review Your Architecture
There’s no replacing a thorough architecture review. A proper Architecture Review Service will pinpoint flaws in your IT architecture and correct your course before any major problems set in. It will also ensure that your architecture is structurally sound, and was created following all the necessary guidelines and rules which in turn results in smoothly operating IT. An architecture review also reduces the chances of technical debt, and simply prevents all sorts of problems from occurring in the future.
Focus on Reuse
A lot of emphasis needs to focus on the reusability aspect of tech. Time is spent developing components like code and applications over and over again when needed, which isn’t practical in a fast-paced industry. Whether it’s code, APIs, or other elements like connectors and templates, try to reuse as much as possible as it saves plenty of time which can be used in areas that need innovation and creative thinking, as well as more complicated tech projects.
Get Professional Help When Needed
In addition to architecture reviews, there are lots of other areas where experts can help if you’re struggling. A banking enterprise may need additional Development Support and help with its Source Code and Performance. A good rule of thumb is to always ask yourself whether you are in over your head. If you don’t like the answer, it may be time to get some outside help.
As the old saying goes, it is always easier to prevent a catastrophe than to clean up a mess of gigantic proportions. There are ways to correct slow-moving IT, but it can be time-consuming and complicated. Instead, opt for a strategy that safeguards your enterprise from slowing down its technology altogether.
And if this seems like a monumental task, you aren’t alone. There are experts who can help. Whether you need an enterprise integration strategy, want to switch to cloud computing, or need guidance on the direction to proceed in, PlektonLabs has consultants who can help you unlock what your business needs to keep up with the fast-paced challenges of the industry.