Digital Transformation and MySQL in the Financial Services Sector – Part 1

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Digital Transformation and MySQL in the Financial Services Sector – Part 1

 

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Nowadays, almost everything is being changed and/or controlled by technology. In the past, we used to read the news only from newspapers and the dailies. Today, we can access news through the World Wide Web, whenever and wherever we want to. Back in the 70s and 80s, we had to call our friends on the telephone if we had to tell them something important. Now, all we need to do is send them a text message, call them using our smartphones or send PMs on Facebook. Even our means of transportation has been changed by technology; we now have Uber and other taxi services for our convenience. Technology has really changed the way we do things.

Given this scenario, why then would it be surprising to find out that technology has also found its way into the financial sector, particularly in retail banking? Well, maybe because we’ve long been used to how things were being done. Then again, the clamor for new products and services using new technology come from the clients. This is the main reason why banks have been in a frenzy trying to incorporate new technologies into their system. Retail banking has now joined the bandwagon and become digitally centered.

Is change necessary?

In most cases, yes, change is necessary. But, for those who are afraid to go out-of-the-box and try something new, change is an enemy. In the financial and retail banking industry, however, this does not seem to be the case. For starters, we’ve seen a lot of changes over the years that prove that banks have evolved. Where traditional banking focused on basic services like deposits and withdrawals, modern day baking has become more expansive, even intersecting key products and services with important aspects of our lives.

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Apart from deposit and withdrawal services, banks now offer practically anything that can help make our life easier. Now, we have car loans, house loans, salary loans, insurances, and many other similar products and services. It’s like banks have matched our needs per life phase.

Another major change in the retail banking industry is the way customers manage their bank accounts and assets. Before technology grabbed the spotlight, people visited banks to deposit, withdraw, and transfer funds. Nowadays, everything can be done through an app or though the banks’ websites.

So, if you ask me if change is necessary, I’d say “Yes”. It is necessary because it is what helps banks improve. It is how the financial sector learns. And, yes, it is how technology is – ever evolving and continuously finding ways to serve the people better (and to make life more convenient).

This is where MySQL comes in!

As a result of technology’s invasion, banks have started to come up with new products practically every month. It can be a new platform for more convenient deposits and withdrawals; or it can be all about coming up with better security system to ensure their customers’ safety. For many banks, however, the change is more general as it is focused on incorporating digital technology into their system.

Digital technology is an important factor in many of today’s businesses, not just for banks and other financial ventures. It offers convenience and allows anyone to access information anywhere, at any time, and through any means (through smartphone, tablet, laptop or desktop).

However, to keep information safe, and to achieve efficient digitization for better business processes and infrastructure; and for increased business agility, it is essential for banks and other financial institutions to have an effective and efficient database infrastructure. This is where MySQL comes in!

Why is MySQL Important?

An integral factor in the digitization process of the financial sector is the transfer of database-driven application into MySQL. The database system’s role is to help simplify the digital process, while also assuring better business efficiency. MySQL, after all, is known for its quick processing characteristic. Likewise, it is considered as the most popular language for database content management.

For the retail banking industry, MySQL offers a ton of convenience, plus security and added efficiency. Its scalability, ease of use and reliability are ideal for retail banks that want to incorporate modern digital technology into the web-based applications they are developing.

Here are the detailed reasons why MySQL should be woven into every retail banking business’ systems:

  • It offers not only scalability, but also flexibility. It is an open source system, so customization is allowed (and quite easy, too!). Additionally, it supports not only Windows, but also UNIX and Linux (In all forms!).
  • Because of the architecture of MySQL’s storage engine, configuring its database server for specific applications is possible. This results to superb performance courtesy of distinctive memory caches and high-speed load utilities.
  • Round-the-clock availability is an important characteristic of MySQL. Uptime is fast. There are several options to choose from, including high-availability solutions from third party vendors. Customers can rely on MySQL to deliver on its promises.
  • Support is available 24/7. In addition, since it is an open source software that is supported by Oracle, users get the best of both worlds: trusted software vendor and open source freedom.
  • MySQL offers the most complete and expansive support for every app need. And it helps that it is considered as the world’s most popular open source database system.
  • Data protection is guaranteed 100%. A database contains piles upon piles of data; therefore, securing and keeping these assets is one of MySQL’s major responsibilities.
  • Managing MySQL is easy. One does not need to be an expert or master of anything to be able to install and manage it. It has a quick-start function for installation and auto-restart and automatic space expansion.

The most important reason for transferring or moving database-driven applications to MySQL is the simplification of business operations. It helps businesses become more flexible in terms of delivering innovative products and services. And, since database management is now easier, efficiency and productivity also improves. Getting MySQL deep into the financial sector helps create countless opportunities for the industry to move forward and get ahead in the digital market.

Photo courtesy of GotCredit.

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