For clients in the Banking and Financial Services industry, the primary focus is to transform and become digital-first companies.
However, everyone has a different definition on what it means to become a true digital company. Does it mean relying on digital commerce channels with their customers, or is it something more?
Usually there are three main pillars that enable companies to provide a desirable digital customer experience – Digital Engagement, Digital Processing and Digital Enablement. Digital Processing, or Digital Process Efficiency, is often neglected but should be emphasized. Without efficient processing of transactions, there is no opportunity for digital engagement, scalability and velocity.
Orchestration – The Secret Weapon To Achieve Transformation
In order to transform organizations into digital-first companies, clients need to embrace technical enablers and accelerators– critical elements in achieving the process efficiencies and agility required to meet and exceed today’s rapidly changing customer demands and business needs.
This is where orchestration comes in. Orchestration, though not as widely used as other common enablers, such as cloud infrastructure and monitoring, is very important in the digitalization of a company’s processes.
When multistep distributed financial transactions are triggered across platforms in absence of an orchestration layer, the process becomes error prone and could lead to a variety of problems, including inconsistent data, manual clean up and slow time-to-market.
Usage of Orchestrator means to manage the workflow in a single transaction across platforms and guarantees successful execution of the transaction with rollback capabilities in cases of unsuccessful transactions. This helps mitigate the risk of issues, and ensures transactions, data integrity and typically quicker transaction processing leading to improved customer experience.
It’s critical that companies understand the importance of digitizing their processes as they look to evolve toward digital-first models. That process begins with integrating systems with complex business transactions, using Saga pattern and Orchestrator.
Read the full article to learn more about Orchestration and take a closer look at transaction execution in the distributed environment with microservice architecture.