Data Integration Software in BFSI
The BFSI vertical is a data-centric vertical, which has at any given point of time enormous customer data to handle. It is estimated that a typical bank has over 600 million data elements per USD 1.2 billion assets. Most of the data available with the bank is dynamic and keeps on changing, such as customers contact number, addresses, and their location. Data in the bank often sits in isolated systems that are not linked together. The banks till now used to rely heavily on obsolete legacy systems of data capturing, retention, and data usage, which is a real threat to the growth of their financial business models. In retail banking, the customer file or customer information systems are being used since ages to link all the important customer data. The systems are totally dependent on the customers to have to be updated by them periodically. The US Postal Service estimates that 40% of its customer data repository is either incorrect or incomplete. This inaccurate information about customers is a major roadblock faced by the banks, which is jeopardizing their business objectives.
The data integration tools and services market for BFSI is set for a tremendous adoption owing to such serious problems faced by the banks. In this hyper-competitive industry, banks need to integrate the data from all the systems, get a unified 360-degree view of the customers and prospects and provide them customized banking to achieve operational success. Real-time live feeds could be helpful in mitigating the risks often associated with providing loans and credit cards to defaulters. Data integration will be immensely helpful to ensure hyper-targeted marketing, personal wealth management advice, and optimized transaction processing. To gain the unprecedented advantage of big data across enterprises, the banking and financial institutions need to have a proper integrated system in place.
COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY
22 companies offering Data Integration Software in BFSI were analyzed, shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
Informatica, Microsoft, IBM, Oracle, SAS Institute, and SAP have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy.
Jitterbit, Stone Bond, Syncsort, Scribe Software, Attunity, Actian, Information Builders and Denodo have been identified as innovators as these vendors have a very focused product portfolio. However, they do not have very strong growth strategies for their overall business.
Acxiom, Cloveretl, HVR Software and Bedrock Data have been identified as emerging companies. They do not have very strong business strategies as compared to other established vendors. They might be new entrants and require some more time before gaining significant traction in the market. Boomi, Pentaho and Cisco Systems have been recognized as dynamic differentiators.
Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include breadth of offering, delivery, features/functionality, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).
Visionary Leaders generally receive high scores for most evaluation criteria. They provide mature and reputable data integration services. They also have strong business strategies. Informatica, Microsoft, IBM, Oracle, SAS Institute, and SAP are the leading players in the data integration software market and are recognized as leaders. These vendors are making their presence felt by offering services that are required by most organizations.
Innovators demonstrate substantial product innovation as compared to their competitors. They have a very focused portfolio of data integration software solutions and the potential to build strong business strategies for their business growth to be at par with the leaders. However, they do not have very strong growth strategies for their overall business. Jitterbit, Stone Bond, Syncsort, Scribe Software, Attunity, Actian, Information Builders and Denodo are recognized as innovators. Innovators have been at the forefront in deploying their services based on the clients’ custom software requirements for the niche market.
Dynamic Differentiators are established vendors with very strong business strategies. However, they are low in the product portfolio. They generally focus on a specific type of technology related to the product. Boomi, Pentaho and Cisco Systems are recognized as dynamic differentiators.
EMERGING COMPANIESAcxiom, Cloveretl, HVR Software and Bedrock Data are recognized as emerging players in the data integration software market. The emerging players are specialized in offering highly niche and tailor-made solutions and services to their clients. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before gaining significant market traction.
Data Integration Software in BFSI Quadrant
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- Breadth and Depth of Product Offerings
- Tools provided
- Services Offered
- Training, Support and maintanence services
- Consulting services
- Managed Services
- Other Professional Services
- Product Offerings
- Extract, transform and load (ETL)
- Enterprise data replication (EDR)
- Data federation / enterprise information integration (EII)
- Master data management (MDM)
- Other Applications ( Portfolio Management, Operation Risk Analysis)
- Product Features and Functionality
- Processing technique
- Features offered
- Batch Integration
- Data Migration/Conversion (ETL)
- Exception Reporting and Notification
- Other Product Features offered
- Hub and Spoke
- Preffered Delivery
- Full Time Equivalent
- Subscription / Licensing
- Per User Basis
- End users
- Healthcare and Life Sciences
- IT and Telecommunication
- Governmnet and Defense
- Media and Entertainment
- Other End user(s)
- Deployment Mode
- Hosted / On-Cloud
- Customer Delivery
- Delivery - Directly
- Delivery - Through Partners / Third-Party Vendors
- Level of Support Services
- Customer Feedback
- Support services
- Technical Support
- Customer Support
- Sales Support
- Other Support Services
- Pre Sales Support
- Software Requirement Specification (SRS)
- Product Demos
- Proof of Concept
- Dedicated Account Manager (DAM)
- Prefered Service Delivery Mode
- On-Site Support
- Remote Support