What is your technology integration strategy?

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The growth of Fintech solutions is both exciting and dizzying at the same time. New technology trends, such as AI, low code/no code, and data sharing to name a few, are enabling new solutions all the time. Each may fill a critical or novel need for advisors and their clients. But, taken as a whole, these individual solutions may introduce new inefficiencies for your wealth management firm.  

Having an integration strategy that fits into your larger technology strategy is key. And, like every strategy, it’s a balance of priorities.

Out of the Box solutions: 

No custom technology, use   the solutions provided by your custodian and Fintech solutions.

Out of the Box, enhanced by Low Code/No Code solutions:

Enhance Out of the Box solution with low code/no code automation for high volume functions.

Custom Integrated Solution:

Some integration development to streamline Fintech solutions with custodian platform or data feeds into a proprietary database.

Proprietary Solution / Custom Integrations:

Customized advisor,   investor, and/or service experiences, integrated with your custodian platforms and/or proprietary systems.

Out of the Box:

Most custodians offer an integrated suite of solutions with a limited number of Fintechs. This is a solid solution for smaller firms with manageable volumes. Key technology is essentially outsourced to a custodian. In the event of a technical problem, the custodians provide first line support staff to assist in resolution. 

Out of the Box, enhanced by Low Code/No Code solution:

For growing firms, there may be specific workflows that are manually intensive and unique to your firm. Today there are low code/no code solutions that can automate these workflows, reducing data entry errors and freeing staff time to focus on more impactful client work. 

Custom Integrated Solution:

If you are using a Fintech solution that isn’t integrated with your custodian, building a custom integration may be an option. In this case, you are leveraging individual Fintech solutions but building bridges of data either in bulk or singleton. Your technical resources focus on consuming APIs or data feeds. 

Proprietary Solution / Custom Integrations:

For firms with strong brand focus, existing advisor or client experiences, or multiple lines of business, a proprietary solution may be the right solution. Having the right integration strategy is key to being able to leverage new Fintech solutions for the future. 

There are several considerations that need to go into your integration strategy. For example,

• What is your advisor and client experience?
• Is your data distributed or consolidated? 
• What are the capabilities of your technology staffing?
• What is your long-term and short-term business strategy? 

Other important considerations include your overall data strategy, cybersecurity, and marketing strategy.

What is clear is that the speed of innovation is not slowing down. Having a defined, yet flexible, integration strategy will help you take advantage of what’s to come.  At GreenLine, we can bring expertise and experience to help you create a strategy and execute it.