Navigating the Future: How Digital Transformation is Reshaping Financial Services

by Tyler Bodys | Sep 22, 2023 | DataAutomation, Digital Transformation, Learn

Navigating the Future:

How Digital Transformation is Reshaping Financial Services

The financial services landscape is undergoing a profound transformation—one driven by the relentless pace of technological advancement.

The concept of digital transformation has taken centre stage, revolutionised traditional practices and reshaping the way financial institutions operate.

As the digital era continues to unfold, the implications for financial services are vast and far-reaching.

In this blog post, we’ll explore the key ways in which digital transformation is reshaping the financial services sector and discuss the critical points that highlight its significance.

The Digital Disruption in Finance

The financial services industry, which has long been anchored in conventional practices, has experienced a seismic shift over the years. From manual ledgers and face-to-face transactions to the digital realm, the evolution has been nothing short of transformative.

However, this shift is not limited to the finance sector alone. Industries across the spectrum, from retail to healthcare, have undergone their own digital transformations.

As we delve into the digital disruption in finance, we’ll examine how these shifts have paved the way for innovation and evolution within the sector.

Digital Customer Experience

One of the most tangible impacts of digital transformation in financial services is the enhanced customer experience.

Gone are the days of waiting in line at brick-and-mortar banks or enduring lengthy phone calls for simple inquiries. Digital transformation has introduced a new era of convenience, with online banking, mobile apps, and seamless transactions becoming the norm.

The customer is now empowered to manage their finances on their terms, anytime and anywhere.

Furthermore, the importance of personalization and user-centric design cannot be overstated.

Financial institutions that prioritize these aspects are better positioned to attract and retain customers in an increasingly competitive landscape.

Fintech Innovations and Startups

The rise of fintech startups has injected a fresh wave of innovation and competition into the financial services sector.

Peer-to-peer lending, AI-advisors, blockchain technology—the list of fintech innovations is both impressive and extensive. These innovations have not only expanded the array of services available to consumers but have also challenged the dominance of traditional financial institutions.

The traditional hierarchy is being disrupted as fintech startups pave the way for more inclusive and efficient financial solutions.

Data-Driven Decision Making

In the age of digital transformation, data reigns supreme.

The utilization of data analytics, powered by big data and artificial intelligence, has transformed decision-making processes within financial services. From risk assessment and fraud detection to investment strategies, data-driven insights provide a level of accuracy and efficiency that was previously unattainable.

This shift towards data-centric decision-making is not only enhancing operational effectiveness but also redefining the landscape of risk management and financial planning.

Efficiency and Cost Savings

Operational efficiency is at the heart of every business’s success, and digital transformation has become a key driver in achieving this efficiency within financial services.

Through automation, process digitization, and the reduction of manual tasks, financial institutions are streamlining their operations and increasing their capacity to handle complex tasks.

Consequently, this efficiency translates into significant cost savings and improved resource allocation, allowing organizations to redirect their focus towards innovation and strategic growth.

Regulatory Challenges and Security

As financial services embrace digital transformation, they must also navigate a complex web of regulatory challenges and security concerns.

With increased digital interactions come heightened vulnerabilities, necessitating robust cybersecurity measures to protect sensitive financial data.

Real-world examples of security breaches serve as stark reminders of the importance of maintaining a vigilant stance against cyber threats.

The Road Ahead: Challenges and Opportunities

While the benefits of digital transformation are vast, the journey is not without its challenges.

Financial institutions must confront the need for a cultural shift—one that embraces technological evolution and fosters a learning mindset. Upskilling employees to adapt to new technologies is paramount to ensuring a smooth transition.

Despite the challenges, the road ahead is paved with opportunities. Digital transformation opens doors to growth, innovation, and improved customer relationships.

Organizations that leverage these opportunities stand to flourish in the ever-evolving landscape of financial services.

In conclusion, digital transformation is not merely a passing trend; it is an imperative for survival and growth in the financial services industry.

The changes brought about by digital transformation are profound and have the potential to reshape the industry as we know it. From enhancing customer experiences to fostering innovation, the impacts are far-reaching.

As the financial services sector navigates this transformative journey, it is essential for both businesses and consumers to stay informed about emerging technologies and their potential impacts on financial decisions. Embracing the digital future is not an option – it’s a necessity.

Start your digital transformation before it’s too late and you lose out in the competitive marketplace and are left behind.

Fill out the form below and get in touch.

Why Your Data Warehouse is Failing

by Tyler Bodys | May 22, 2023 | DataAutomation, Learn, WhereScape

Why Your Data Warehouse is Failing.

Being a critical component of any data-driven organisation, a Data Warehouse is a necessity.

However, you’re probably wondering why your Data Warehouse is the biggest pain in your life, or maybe you don’t even have one yet?! Unfortunately, there isn’t one quick fix to solve all your problems – as nice as that’d be!

But it’s time to get real – most Data Warehouses are crap. And, ultimately, yours could be one of them.

A poorly designed or maintained Data Warehouse can cause serious problems for your business, becoming a hindrance rather than a help. Which we’re sure you don’t want, and we certainly don’t want that for you!

But why are you dealing with a crap Data Warehouse? It doesn’t have to be this way; you shouldn’t be suffering!

Keep scrolling (and reading, obviously) and you will learn why your Data Warehouse is failing and how to eliminate your Data Warehouse pain and experience Data Warehouse pleasure.

With a mass of legacy code built up over a significant amount of time, by an amalgamation of different developers, consultants, freelancers or even monkeys – your Data Warehouse has no coding standards. Each individual has their own way of working and different approaches to answering your technical problems, which causes points of concern.

Arguably, this doesn’t solve any of the technical problems you have encountered within your Data Warehouse. It just raises more problems!

With the different processes, different ways to answer problems and no coding standards, from these individuals, it makes the support process a massive pain. Resulting in your having to sift through the code, try to understand what is happening, why it is happening, how it is happening, where it is happening… you get the picture.

Consequently, it takes hours to try and figure out what caused the problem in the first place! And in that time, you’ve probably encountered even more issues which you need to spend even more time trying to fix. It’s a vicious cycle, to be honest!

As if this wasn’t enough, the support overhead for this is massive! Having to do these manual and repeatable tasks is time-consuming and a huge strain on your resources. Let’s face it, do you really enjoy doing these mundane tasks?

Repetitive tasks kill productivity.

The more time that is being spent on doing mundane, repeatable tasks the less time you spend on the things that matter and benefit your organisation’s growth and overall success.

Why are you doing repeatable tasks? You could spend your time wisely, and more efficiently, by building out new data features and data products that will help your business advance and contribute to the building of a data-driven culture. Oh wait, you don’t have the time because of these mundane, repeatable tasks!

Why waste time and money when you can automate these processes? Seems simple, right?

Data is clearly vital to your organisation, which is why you need to stop wasting time processing data and struggling to build new data processes. You need to start spending your time being laser-focused on delivering data-driven analytics.

This is where we can help you!

At Engaging Data, our experience with Data Automation tools has helped us build many different data platforms for our clients.

Working closely with you, we’re here for a good time not a long time! Taking your data and requirements and transforming them into usable assets in a matter of weeks – not months.

If you don’t experience this at the moment and your Data Warehouse is failing or if it is the biggest pain within your organisation, we have something for you!

Start experiencing Data Warehouse pleasure instead of Data Warehouse pain.

Get our FREE DOWNLOAD on the 10 Reasons Why Your Data Warehouse is Killing You and stop your Data Warehouse from failing!

In this download, there is even more insight and information into why your Data Warehouse is failing. Go on, download it!

Or you could just keep your struggling with your crap Data Warehouse – it’s up to you!

FREE DOWNLOAD: 10 Reasons Why Your Data Warehouse is Killing You!

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How Data Automation Will Optimize Your Organisation

by Tyler Bodys | May 9, 2023 | DataAutomation, News

How Data Automation Will Optimize Your Organisation

In today’s world it is arguably that the backbone of every organisation is Data.

From small startups to large corporations, data is everywhere and should be used effectively. For making informed business decisions, understanding customer behaviour, and improving overall efficiency – data is essential to drive further success.

Yet, manually collecting, analysing and interpreting data can be a time-consuming and error-prone process due to the flawed nature of the human intervention. This is where Data Automation can be hugely beneficial to you and your whole organisation.

Data Automation is the process of collecting, processing and presenting data using automated tools, instead of performing these tasks manually. Data Automation eliminates the reliance on manual labour with bots that do the job for you: more efficiently.

With almost no human intervention, the automated process of collecting, transforming, storing and analysing data using well-designed methods, software and Artificial Intelligence will optimize your organisation.

Data Automation can…

Save Time and Money:

With a plethora of automation tools on the market and being more accessible than ever before – why are you yet to adopt the technology that saves you time and money.

Data Automation is designed with what people want in mind, making their lives simpler, eliminating the need to do manual, mundane tasks, and instead focusing on tasks where their skillsets are utilised effectively and proactively.

It is easy to locate opportunities and areas for Data Automation on your own – once you know what to look for. A task that can allow for data automation usually involve:

A lot of data entry
Repeatable and repetitious actions
Any margin for error

Stop doing tasks manually and automate them. Optimize your team’s time with more meaningful work and reduce costs across your organisation.

Create Accurate and Fast Data:

The value of data comes from its quality. With mundane, time-consuming, and costly manual tasks completed by teams, it creates these processes to be slower and less accurate.

With the adoption and implementation of Data Automation within your organisation, mundane tasks will become obsolete and replaced with automated processes.

Data Automation can help analyse data faster and more effectively. With the ability to do a variety of tasks, Data Automation is especially helpful and can be used for data discovery, data preparation and data warehouse maintenance.

Not only does Data Automation allow for your team to focus on more meaningful tasks which use their skillsets more effectively, but it bridges the gap and makes your data faster and more accurate – garnering more business success.

Pairing Data Automation with Data Streaming and Data Quality tools will make your data faster and even more accurate, also allowing for:

Durability
Reliability
Scalability
ETL Capabilities

Create Better Documentation:

Raise your hand if you enjoy data documentation? Let’s be real; documentation isn’t the most exciting part of working with data. However, its importance cannot be understated.

The data documentation process can be difficult and not the most enjoyable. However, automating data documentation is an obvious solution to the problem that you face when working with data.

Removing manual work of maintaining the documentation and creates a consistent process, overall ensuring reliable and trustworthy data and insights across your organisation.

Documentation is one of those things you’d thank your past self for doing, it is always a great resource to look back on.

Understandably, you’re probably too busy to document everything like decisions, statuses and steps for handling repetitive tasks. So, why don’t you automate it!

Automating your documentation process will:

With a single source of truth, save time and energy
Improve quality and process control
Cuts down duplicative work
Makes hiring and onboarding simpler
Make everyone in your organisation market with a single source of truth.

Teams who are yet to start automating their data documentation are missing out on serious time, capacity and data literacy opportunities.

Make all your Data in One Central Repository:

Imagine having one single place where you would have one single source of information. Sounds like a dream, right?

Well, make that dream a reality with the implementation of a central Data Repository.

A central data repository is a collection of stored data from existing databases merged into one so that it may be shared, analysed or updated throughout your entire organisation. It is essentially created by integrating the data from all available sources.

Having all your data in a central repository allows for your data to be easily organised, analysed and secured. As well as this, it can help your business fast-track decision-making by offering a consolidated place to store data critical to your business operations.

With ETL Data Automation tools, you can Extract, Transform and Load data seamlessly and efficiently into a central data repository, whether that is a Data Warehouse or a Data Lake, for example.

Make your Data Storage System Scalable:

The need for a secure, reliable and efficient data storage solution has increased. Yet, businesses struggle with data storage as a result of the proper infrastructure to handle growing data.

With the fluctuation and expansion of business, a scalable data storage system is a necessity to cope with needs and the quickly changing nature of business.

Using Data Automation software, it is ready to scale as your business expands, as well as balancing your team’s workloads, highlighting bottlenecks and reducing resource consumption.

Scalable data storage solutions are flexible, easy to manage and can handle exponential growth – far superior to outdated, traditional solutions with limited functionality.

The data storage solution you choose should be reliable and efficient to allow your business to thrive.

It can be difficult to choose with a plethora of storage solutions on the market, yet working with us, the Experts behind Data Automation, we will make the solution simple and adhere to your specific requirements.

Modernise your Legacy Data Warehouse:

Organisations in today’s modern business world are being bombarded with data from various sources. Data which you need to collect, analyse, store and ultimately use in order to drive business decisions.

Legacy Data Warehouses weren’t built with today’s digital capabilities and requirements.

They are slow, rigid and generally expensive, with upfront and ongoing maintenance costs. This results in a more limited set of analytical capabilities, and it is slower to uncover business insights – making the decision-making process significantly slower.

Modernising your Legacy Data Warehouse is a necessity for your organisation. Despite it not being the easiest process, you will benefit hugely from the modernisation of your Data Warehouse.

Here some benefits of Modernising your Data Warehouse and working with the Experts behind Data Automation, to achieve this modernisation:

Cost Reduction
Improved Profitability
Sales Projections
Standardized Processes
Improved Efficiencies

With data growing significantly, your business will need an infrastructure that can manage and store this data to provide you with valuable insights and stay ahead within the competitive marketplace.

Modern Data Warehouses are more flexible, intuitive, and efficient when it comes to storing and managing data.

Increase Productivty within Your Organisation:

In search of optimisation and efficiency within business, Data Automation is the way forwards, and your company should embrace it.

Data Automation has always been propelled by the desire to get more done, reduce costs and limit human error, simultaneously.

Create a higher level of efficiency with Data Automation.

Eliminate Data Silos:

When it comes to decision-making, intuition is fine, but data is even better – you should rely on it.

However, Data silos are a pain point for a lot of companies. Being a big blocker for decision-making, Data silos often get in the way of your business success.

A data silo is a repository of data that’s controlled by one department or business unit and isolated from the rest of an organization. Often common in bigger companies, data silos can arise in any sized company and cause huge issues:

Give an incomplete view of your business
Create a less collaborative environment
Lead to poor customer experience
Slow the pace of your company’s growth and development
Create security risks
Threaten the quality and accuracy of your data

With the implementation of Data Automation, Data silos will become obsolete, breaking down Data Silos and connecting data assets by:

Data integration
Data Storage
Enterprise Data Management & Governance
Culture Change surrounding data

With all these benefits it is simple to say that implementing Data Automation within your organisation is a no brainer! It is a powerful tool to have in your organisation’s toolbelt.

It can optimize your organisation by streamlining data collection, improving accuracy, enhancing data analysis, increasing productivity and improving decision-making.

By automating your data processes, you can save time, reduce errors and make better use of resources.

At Engaging Data, we understand that you need data built efficiently to gain value quickly.

Using innovative Data Automation tools, we will help you seamlessly integrate your data into accessible and secure platforms.

Building Data for a purpose, we only process your relevant information to achieve your goals.

Do more with less effort.

If you haven’t already implemented Data Automation in your organisation, now is the time to consider doing so.

Implement Data Automation within your organisation and work with The Experts behind Data Automation.

Start your Data Automation transformation.

Get in touch or fill out the form below to discuss how Data Automation will optimize your organisation:

Using Pebble Templates in WhereScape RED to Deal with Hard Deletes in an ODS Table

by Tyler Bodys | Mar 16, 2023 | DataAutomation, Learn, News, WhereScape

Using Pebble Templates in WhereScape RED to Deal with Hard Deletes in an ODS Table.

In a recent YouTube video, we discussed how to use Pebble Templates in WhereScape RED to Deal with hard Deletes in an ODS Table

Giving an overview of WhereScape RED, and the benefits it has for you and your organisation.

Then delving into Data Stores and how we expect them to work, especially around Historic Data Stores.

Enabling you to store data and capture changes to your data in a historic Data Store, WhereScape RED is a great piece of software to do this.

Also, we discussed how we have created our FREE Pebble Template which can be run as a custom procedure after loading the Data into the Data Store.

Our Pebble Template has been designed to identify and end or update the DSS_CURRENT_FLAG and consequently update the DSS_END_DATE in line with the setting within the Data Store.

To find out more, watch the video:

Download the FREE Pebble Template

High-Level Design Documentation

by Simon Meacher | Sep 15, 2021 | DataAutomation, News, WhereScape

Engaging Data Explains:

High Level Design Documentation –

Have you ever needed to create high-level documents of your data automation that explains a project/sprint within your WhereScape Red repository? Maybe so it looks a little like the above?

We recently worked with a client who wanted to represent the amount of change undertaken within a single project. They required something simple yet demonstrated the amount of change within each layer of the data automation.

Instead of creating something new, we re-used the WhereScape RED Overview design, WhereScape used to illustrate the design of the architecture.

A sample data solution shaped into the high-level design.

Engaging Data consultants worked with the client to create a solid naming convention and development standards. With this foundation and the metadata repository, we developed a script that produced an HTML document with details the client was looking for.

The idea continued to develop and now has options to include the following details:

Number of Jobs, Procedures and Host Scripts that support each layer.
Data Volume per object and summarised per layer
Processing time for each layer, with avg completion time & avg time to run

WhereScape RED and 3D speeds up development & documentation of the technical design. This solution utilises the metadata to create support or narrative documents for other business areas.

Build re-usable scripts, dashboards or reports for non-technical business teams & provide clarity around the technical function of your automation.

If you are interested in receiving a copy of the script that produced this report, please email simon.meacher@engagingdata.co.uk

Automated Deployment

by Simon Meacher | Jun 29, 2021 | DataAutomation, News, WhereScape

Engaging Data Explains:

Automated Deployment

Continuous Delivery using Octopus Deploy

With WhereScape RED

Many companies are looking to make Code changes/deployment easier. Often the ability to deploy code to production is surrounded by red tape & audited control. If you don’t have this, count yourself lucky!

Jenkins & Octopus Deploy are two, to name a few (see here), that are helping to automate the deployment of code to production. Allowing companies to adopt a continuous deployment/delivery approach.

For a long time, WhereScape RED has had its own method of automating deployment, using the command line functions.

Why Automate?

Using tools such as WhereScape RED allow elements of automating deployments; however, we know that companies like to use a common toolset for their code deployments; like having a single picture of all the deployments and, in most cases, realise that they want to release multiple code deployments on different platforms because RED doesn’t do everything.

Git?

No problem! There are several ways to do this. Our perfered option is to push the deployment application to the code store respository. Afterall, it is more practical to store the changes you want to push to Production and not every change to any objects, including those that are not meant for Production!

Can I do This Now?

WhereScape RED uses a command prompt file to send commands to the admin EXE. All changes will be applied to the destination database (via ODBC). Installation settings/config is set using XML & a log file is created as part of the process. The XML file contains the DSN of the destination database. Let’s come back to this point later. The XML contains all of the settings that are applied when deploying the application. Settings like Alter or Recreate Job. Please make sure you have this set correctly. You do not want to re-create a Data Store table to lose the history!

Permissions are important. The key to running the command line to publish changes to production is that the service account executing the commands has permissions to change the underlying database.

Integration with Octopus

Octopus deploy uses PowerShell as it’s common execution code. So we have adapted all of our WhereScape BAT files to PowerShell in order to get everything working.

Building a list of repeatable tasks within Octopus is easy & provides an opportunities to create a standard release process that meets with your companies standards/processes. Tasks like database backup, metadata backup and much much more!

It can even run test scripts!

We used a PowerShell script to create a full backup of the database, to be used should the deployment fail. With a larger database, this may not always be the best solution. Depending on your environment set up you may have options to use OS snapshots or other methods to roll back the changes. The good news is Octopus Deploy works with most technology, so you should find something that works for your technology stack.

Recently, we been playing with creating rollback WhereScape applications on the target data warehouse. This is great for restoring the structure of the objects quickly and easily. Reducing risk is a great value add!

Go, Go, Go!

Triggering the deployment was easy, we could set this up in many ways, but used “does the application files exists” trigger to get things started – until the humans learned to trust the Octopus process.

However, linking the release to Jira is just as simple. Imagine, you’ve completed development and want to sent the code to UAT. You click the button to update the ticket…….wait a few seconds…..and the code is deployed! It’s complicated to set up, but you get the idea.

Final Thoughts

Octopus is a great tool and the automation really helps to control the process of deployments. Coupled with WhereScape automation, this provides and excellent end to end solution for data warehousing.

If you are interested in CI/CD and WhereScape RED/3D, book a call us and find out how it could help your team.