Is integration really a need for speed?

When we talk about integration in financial services, we mean things like having consistent data and interfaces across channels, or systems that work together and not in parallel or at cross-purposes. We say that integration should be seamless.

But what if we think about integration as a function of speed?

The fact is, many of the functions we hope to “integrate” actually integrate now, after a fashion. A member who deposits a check at a branch will see that deposit reflected on mobile banking – just maybe not right away. A suspicious charge on a member’s card account will trigger an alert, but the member might not be able to take action on it until they can check their account online – or call in to confirm the problem. The issue is resolved eventually, though not in a way that seems easy or efficient.

That perception is everything. Your members don’t want integration because they have opinions about the inner workings of your organization. They want integration because they expect everything to work fast. They want to deposit a check using their phone, see the deposit instantly on mobile banking, and know immediately when it’s safe to begin spending.

When these kinds of instantaneous connections aren’t made, it’s easy for your systems to appear broken. The payment I made to my card account isn’t showing up yet. The transfer I did on online banking doesn’t appear on mobile banking. These systems may integrate over time, but in the meantime members are frustrated.

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