An Interoperable Future for Financial Services

With the onset of COVID-19 much about daily life was disrupted. Working from home brought with it a slew of new challenges. Corporate grade broadband and a multiple monitor set ups were left in offices in March of 2020 and swapped for makeshift home offices and unreliable internet connection. Thus, acting as a catalyst for an increased need for interoperable applications and optimized desktop screen estate.

WHAT IS INTEROPERABILITY

Interoperability is the ability of computer systems or software to exchange and make use of information and enable communication among digital systems. Interoperability is about integration on the front-end user interface, allowing the exchange of real-life data, without the need of a middleware and traditional heavy server-side integrations, (Glue42).
 
Enterprise organisations have amassed a portfolio of legacy systems that are not built to be integrated and are very complex. Because of any mix of varying code languages and lack of development resources to maintain applications, many organisational systems cannot be abridged.

HOW DOES INTEROPERABILITY COME INTO PLAY

1. Data Usage
 
Organisations have amassed tons of data but unfortunately sits siloed in the system or organisational function applications that collects it. When user applications are able to communicate among themselves despite different code languages, organisations can unlock the power of their data and the information is managed effectively and controlled by all parties.
 
With inter-application communication, there are less siloed systems that take in the information, easily connecting and distributing that information in an automatic and flexible manner. Systems cross data and knowledge taking out the menial steps users have to perform when crossing app data. Interoperable applications create velocity, where everyone from developers to financial traders can be more effective at their job and in the end, better serve end customers.
 
2. Employee productivity
 
Based onthe advantage above, it can be inferred that, thanks to interoperability, all available data can be associated with the value chain. Therefore, one can work and operate in a cohesive way throughout the entire productive process, ensuring that the information is available and accessible to all parties, systems and persons.

SETTING YOUR ORGANISATION UP FOR SUCCESS

With legacy systems that will be in place for the foreseeable future, coupled with an increase usage of cloud based, off the shelf applications, organisations need to understand their employees’ workflows and the parts of their jobs that can be automated.
 
Start small
To begin, discover your client pain, be that internally or externally. If that pain is solved, is generate value. But if the initiative goes wrong, it will not have a negative impact.
 
For example, you can start with a G42 Appliance Solution are an entirely new concept for the modern trading desktop from our partner Glue42. They are pre-packaged business components (PBCs) that support the rapid integration of a couple of applications. They resolve commonly occurring trading workflow problems in financial services and deliver a level of automation and optimization not previously available.
 
Build scalability
After successfully applying interoperability in small initiatives, it's time to take a little more risk and gain scale in other points of the journey and in other business fronts that generate even more value. The more value small projects can continue to generate, the better your organisational case.
 
With an arsenal of successful implementations, you can make a case for enterprise interoperability migration. For an initiative to be successful, there has to be leaders involved who are having oversite of multiple business areas, to help enterprises effectively collaborate and factor resources and budgets into their planning cycle.

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