Building Seamless Data Access and Automation with Data Fabric in Banking: A Solution Architecture Approach
Going by the definition, data fabric refers to the ‘physical topology of servers and other hardware components that aids in storage and processing of data’. It refers to the digital architecture that supports the movement of data across servers and virtual platforms and additionally aids in building resources for simplified data access to developers and analysts.
Even though the term is new, the idea was conceptualized way back to define interconnectedness for data-intensive systems. Today, the term includes functions that integrate public and private architecture, cloud and on-premise systems, and external vendors’ systems to internal data storages for two goals –
Simplified data access for the increasing number of data-centered teams and seamless automation for large-scale data-intensive ecosystems.
Importance of Solution Architecture for Data Fabric in the Banking Ecosystem
Data fabric, because of being connected to different data access points across a Bank’s system architecture, is primarily used to easily build innovative, new solutions for extensive automation of data cleansing and report generation.
Modern-day solutions of application integration and data governance ensure its sustenance. Data governance and application integration, despite being independent functions play their part in data functions when –
It going to connect and provide virtualized access,
It’s going to automate data discovery,
It’s going to build a data catalog,
It’s going to create an automated data pipeline.
Solution architecture can help banks build toward the creation of a data fabric in a banking ecosystem.
Quicker fraud detection
360° Portfolio Monitoring
Avoidance of Reporting Siloes
Easier System Development
All-rounded Information Management
What’s next for Data-first Banking?
The traditional banking industry is on the verge of undertaking transformations based on technologies like smart contracts and blockchain. Here, the banking industry has ushered into a new digital age, but the workforces of many banks have no way forward when it comes to innovating with data.
D2K Technologies has been instrumental in propelling growth of such financial ecosystems by focusing on three important takeaways – Building interconnected ecosystems for seamless digital financial services, improving data literacy to assist in building on premise data management teams, and readying financial ecosystems for the arrival of new technologies.
In conclusion, implementing an enterprise-wide data fabric architecture can enable banks to streamline their data management processes, improve collaboration, and develop innovative solutions.
As the banking industry continues to evolve, it's crucial for banks to stay ahead of the curve by leveraging fintech expertise to create and implement robust data solutions. Connect with banking fintech experts today to learn more about how data fabric architecture can benefit your organization.