Advanced data integration in banking, financial, and insurance software in the age of COVID‐19

Abstract

This study contributes to our understanding of how the emergence of the COVID‐19 pandemic changes the global Banking Financial Services and Insurance (BFSI) landscape. Before the COVID‐19 pandemic, BFSIs corporate strategy was solely aligned to the quest for operational efficiency. However, during the ongoing COVID‐19 pandemic, global BFSIs are forced to adopt digital transformation in their operations due to a rise in transaction volumes. The ongoing COVID‐19 pandemic already triggers holistic innovations concerning the global BFSI's product, process, concept, trend, or idea. Thus, the BFSI cannot survive without efficient and innovative system software for global operations. The study plots the hype cycle to identify relevant technologies to deal with real‐world business problems. The hype cycle indicates that the need for advanced data integration is growing and COVID‐19 pandemic has already triggered it. The study argues that the incorporation of data integration might be challenging initially for BFSIs but eventually it may result in an efficient model to handle these types of pandemic or unexpected circumstances.