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Globalization continues to pressure industries for increased collaboration within their value chains. The banking industry, a virtual backbone for all other industries, feels this pressure both within their industry and with those they serve. Collaboration demands technology integration, and approaches so far have resulted in redundancy and inefficiency wired together with inefficient systems. Through a modular approach to underlying technology integration, Service-Oriented Architecture (SOA) can help reduce redundancy, inflexibility and inefficiency in crucial banking processes such as payments, multichannel integration and account opening.
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