TruStories – The Scourge of Silos

TruStories

TruStories – The Scourge of Silos, Part 2

As we’ve seen in part one, silos are a problem that is unlikely to disappear anytime soon, and we believe this is affecting both legacy business and newer businesses trying to scale.  

In the fintech world, new companies lack legacy, and many businesses that are growing up and scaling are actively trying to avoid silos. However, with different levels of regulation for different products, and when businesses cross borders to scale effectively, it is inevitable that silos will appear. We also see many fintechs with this same issue of needing to utilise lots of different third parties, but on a challenging budget – meaning they can’t always invest in the latest technology to help them.

What can be done?

 

Decision engines and microservices layers

Many companies have, or are investing in, the capability to draw risk components and decisions into a ‘single environment’ – with varying degrees of success. This tends to deliver improvements in the ability to orchestrate complex journeys, but as they are typically large projects and still owned by IT, it takes time to integrate third parties. Over time, they end up in the same place, stuck challenging for development priorities with revenue generating projects.

The TruNarrative platform is built on a powerful decision engine, meaning you can create new workflows (we call these journeys) quickly with drag and drop capability.

 

Open API management

Scaling into a new market, channel or product will nearly always mean you need to absorb new services and data to achieve this safely. Moving to digital? You will likely need to start using device and IP authentication. Moving into a new country? You will need local data to verify entities and avoid costly on-boarding processes. By choosing a service with open API capability, you can quickly adopt these new services and get to market quicker.

TruNarrative has gone a step further by pro-integrating a series of useful and relevant services via our app store. Start using new services in minutes, not months.

 

Natural consolidation of the tech market?

As new technologies emerge to take on new challenges, they are typically acquired by ‘the big players’. The team at TruNarrative has all worked in corporate, acquisitive businesses – the principal of integration of that new division is wonderful, but the reality? It takes time, years in fact; and is fraught with internal corporate battles which cause delays.

The TruNarrative platform can integrate any type of service, including your own predictive models. We are truly agnostic.

 

Rapid developments

The pace of change in financial services is certainly rapid. With machine learning and machine to machine transactions, quantum security, trust and identity verification improvements, the challenge is for the financial world to stay up to date.

Many fintech technologies out there are now dispersing data silos and launching a ‘data gold rush’. Also using artificial intelligence, the upcoming financial services organisations are being created with tomorrow’s technologies, ensuring they’re a very different beast from the established organisations.

However, to monetise data, companies will need the right models and capabilities. There will certainly be some new kids on the block entering the space to try and take market share, so the temperature is certainly rising in fintech!

 

Why TruNarrative?

The challenges mentioned here and in part one of Scourge of Silos outline many of the reasons why we set the business up. We have seen how the market has suffered from being limited in the way it delivers new technology and services globally. We recognise how frustrating it is for customers when development windows are missed because the technology being delivered was not easy to absorb. We have suffered as customers at the lack of connectivity of the companies that we buy from, as they struggle to treat us as a single entity, resulting in our experience of that company being impacted.

This is a big part of our story; we feel we have been able to break down many of these barriers through intelligent use of technology.

If you wish to explore this topic with us, please contact the team on  (0) 20 3883 7151