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Transforming Banks and Credit Unions with CRM Integration via iPaaS

Transforming Banks and Credit Unions with CRM Integration via iPaaS

In today’s fast-paced financial landscape, banks and credit unions face the constant challenge of balancing legacy systems with the demand for innovation. One of the most effective ways to navigate this challenge is by integrating Customer Relationship Management (CRM) systems with other financial technologies through an Integration Platform as a Service (iPaaS). This approach is not just a technical upgrade—it’s a transformative strategy that can significantly enhance operational efficiency, customer or member engagement, and data-driven decision-making.

The Power of CRM Integration

A CRM system is the backbone of customer or member interaction and management. It consolidates account holder information, tracks interactions, and provides valuable insights into their behavior. When integrated with other financial technologies, a CRM system can unlock new levels of functionality and performance for financial institutions.

Why iPaaS?

Integration Platform as a Service (iPaaS) offers a cloud-based solution that simplifies the integration of various software applications and services. Here’s why iPaaS is transformative for banks and credit unions:

1. Seamless Connectivity

iPaaS provides seamless connectivity between CRM systems and other core banking applications, such as lending, deposit management, KYC/AML, and data analytics platforms. This connectivity ensures that data flows effortlessly across systems, eliminating silos and enabling a unified view of account holder information.

2. Enhanced Operational Efficiency

Integrating CRM with financial technologies through iPaaS automates many manual processes, such as data entry and reconciliation. This automation reduces errors, saves time, and allows staff to focus on higher-value tasks. For example, loan booking can be automated, ensuring that all relevant customer or member data is accurately transferred from the CRM to the lending platform without manual intervention.

3. Improved Customer or Member Engagement

A CRM system integrated with other financial technologies can provide deeper insights into account holder behavior and preferences. This integration allows for more personalized communication and tailored product offerings, enhancing account holder satisfaction and loyalty. Banks and credit unions can create targeted marketing campaigns based on comprehensive customer or member profiles, leading to higher engagement and conversion rates.

4. Data-Driven Decision Making

iPaaS enables the consolidation of data from various sources, providing a holistic view of customer or member interactions and financial activities. This comprehensive data set supports more informed and effective decision-making. Financial institutions can leverage these insights to optimize their products, services, and strategies, ensuring they meet the evolving needs of their account holders.

5. Scalability and Flexibility

One of the significant advantages of iPaaS is its scalability. Banks and credit unions can easily scale their operations by adding new applications and services without disrupting existing systems. This flexibility allows financial institutions to innovate continuously and adapt to market changes swiftly.

Real-World Impact

Integrating CRM systems with other financial technologies via iPaaS has proven to be transformative for many banks and credit unions. For example, a bank that integrates its CRM with loan origination and deposit management systems can streamline the customer or member onboarding process, making it quicker and more efficient. This integration can lead to faster loan approvals, better account holder experiences, and ultimately, higher customer or member retention rates.

Additionally, the ability to integrate with KYC/AML systems ensures that compliance processes are robust and automated, reducing the risk of regulatory breaches and associated penalties.

Future Trends

The future of CRM integration with financial technologies is promising, with emerging trends such as no-code platforms making it even easier for financial institutions to implement and customize integrations. No-code iPaaS solutions empower banks and credit unions to create tailored workflows without extensive IT intervention, fostering innovation and agility.

Conclusion

The integration of CRM systems with other financial technologies through iPaaS is not just an enhancement—it’s a transformation. It offers banks and credit unions a pathway to streamline operations, enhance customer or member engagement, and make data-driven decisions, all while maintaining the flexibility to scale and innovate. As the financial industry continues to evolve, embracing iPaaS for CRM integration will be crucial for institutions aiming to stay competitive and deliver exceptional account holder experiences.

Invitation to Learn More

To dive deeper into this topic and discover how to harness the full potential of CRM integration, join our upcoming webinar hosted by Creatio and Sandbox Banking. This session, featuring industry leaders, will provide valuable insights and practical strategies for bank and credit union leaders eager to revolutionize their operations. Register here to secure your spot.

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Release highlights: Glyue™ v4.3.0

Release highlights: Glyue™ v4.3.0

Sandbox Banking is pleased to announce the release of GlyueTM version 4.3.0. As an iPaaS (Integration Platform as a Service) focused exclusively on financial technology, this release implements and amplifies functionality to make GlyueTM work better for our bank and credit union customers.

Creating new integrations just got simpler.

The new Integration Configuration Wizard guides you through all setup steps, so connecting to a new system is as easy as selecting the system and entering your credentials. It’s a great way for both developers and business analysts to get hands-on and see the power of GlyueTM.

Running integrations is now more powerful.

The updated Integration Runner now features support for binary and multi-part requests, enabling triggers for integrations that include files such as CSVs and PDFs. The runner provides smart defaults from the very first time you open it, taking care of setting content-types, headers, and preferences to fit the payload you’re building.

Customers will be able to manually test and trigger integrations while building them. Users that need to upload files as inputs can now do so right from the Integration Runner, allowing them to test their work even faster.

Bulk data transfers are now more easily customized.

Glyue’s strength is its flexibility to support the varied integration needs of our customers, and those variations don’t stop at the systems we’re connecting. While some integrations are triggered in real-time by events in a third party system, others need to run on a pre-set schedule, often to kick off bulk data extraction, transformation, and loading (ELT) processes. To simplify management of these tasks, we’re introducing a visual scheduler that allows for interval- and calendar-based scheduling of integration runs. Now you can easily set up and manage custom schedules to keep systems in sync.

Feedback cycles are even faster.

Being able to quickly develop and iterate on custom integrations is the core of what GlyueTM stands for. Our developers know that a tight feedback cycle unlocks speed, so in this release, we’re bringing several tools to help surface and immediately act on feedback.

Starting with the results from an integration run, developers can now filter each of the integration’s steps by type, drilling down directly to the information they’re looking for. INFO lines now include a direct link to the code that called it, eliminating time spent searching for a line of code. And when drilling down into integration payloads, our JSON path viewer now offers both full and relative paths, giving maximum flexibility for parsing and manipulating request payloads.

When building integrations, developers now have a powerful find-and-replace tool at their disposal, enabling quick bulk updates that won’t miss a single cell. And to cap it off, we’ve fine-tuned our change detection engine to ensure no work is lost and every change is accounted for across different environments.

Sandbox Banking: Fintech Integration Gurus

We’re proud to constantly improve our user experience, and we’re excited for customers to see the benefits, whether they are diving into the platform personally or working alongside our Solution Engineering team.

Click here to read the current and past release notes.

Let us know what you think!

We want GlyueTM to be the best iPaaS for banking, but we want your help. Here are 3 ways you can connect with us to share suggestions, concerns, and feedback:

  • Set up a meeting with David Cai, our Technical Product Manager
  • Email our support team
  • Current customers can send a message via the speaker icon in the top right corner when logged into GlyueTM
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The Case for Multiple Banking Cores

The Case for Multiple Banking Cores

Sandbox Banking

A bank Chief Information Officer (CIO) might consider maintaining multiple banking cores for several reasons:

  1. Legacy Bank Acquisition: The most common time a bank has multiple cores is when they are in the middle of an acquisition or a core conversion. Acquirers generally want to migrate as soon as possible to a single core.
  2. Geographical Expansion: Banks that expand into new regions or countries often face challenges integrating their existing core systems with the systems used in the new market. Maintaining multiple cores allows the bank to support diverse regulatory requirements, local banking practices, and specific functionalities that vary across regions.
  3. Specialized Services: Some banks may have acquired or developed specialized core systems to cater to specific customer segments or niche banking services. These systems might offer unique features, customized functionalities, or superior performance for targeted purposes. Maintaining multiple cores enables the bank to support these specialized services without compromising on their core banking operations.

In all these scenarios, Sandbox Banking Glyue platform can help make transitions or syncing seamless.

It’s worth noting that maintaining multiple banking cores can be complex and requires careful planning, integration, and ongoing management. It increases operational complexity, infrastructure costs, and the need for skilled resources. Therefore, the decision to adopt and maintain multiple cores should be based on a careful analysis of the bank’s specific requirements, risk appetite, and long-term strategic goals.