Orchestration pursues the goal of achieving a uniformly harmonised whole
Orchestration encompasses a wide variety of aspects. At its core, the term refers to the capability to enable the interaction of various components of complex systems. Orchestration pursues the goal of achieving a uniformly harmonised whole.
Orchestration as a capability
The capability of orchestration in a broader sense consists of bringing together partners in order to achieve a better overall benefit, for example to map a coordinated customer journey. The partners involved have different interests, objectives and capabilities and actively contribute these. Orchestration succeeds if a balance of interests can be found that provides for lasting stability. Clarity in contractual agreements, value proposition on both sides, and mutual transparency in value flows play a leading role in the development of a sustainable solution. Finnova has long-standing experience in the management of partner solutions for customers and thus already developed orchestration capability early on. This can thus be described as a true asset of the company. Most recently, Finnova has worked on the foundations for the orchestration capability of the future with focus on the Finnova Ecosystem.
Orchestration in the product
Whereas orchestration as a capability focuses on the organisational, communicative and structuring side, orchestration in the product takes care of the banking and technical components, i.e. the necessary architecture for the interaction. The harmonisation of processes, tasks, documents and information is decisive in enabling the orchestration of a customer journey. To a certain extent, elements can be approached in isolation, but flow together in the result. This has some central requirements: an end-to-end view, the completeness of the process view, the homogeneity and consistency of data as well as the control of cross-channel management – without having to make compromises. Some elements are already contained in the products of Finnova. Orchestration as a topic is and remains an important area of investment for the foreseeable future.
Orchestration as a solution
The result of the orchestration is intriguing. The quicker a standard can be defined, for example in the context of a product combination, the easier it is for a specific solution to be developed. The solution includes some individual implementations, be it in the process steps or in the integration. The requirements for an 'orchestrated' solution have to meet the same characteristics compared to a 'simple' solution. They need to be seamless with regard to the overall process and overall system. Furthermore, no compromises must be made in relation to security. Finnova poses high demands on an orchestrated solution and on its partners involved, which do not stop at integration.
Finnova continues to drive its ecosystem topics forward, while continuously integrating new partners, and has been practising 'orchestration' in its various aspects for many years already. Nevertheless, further challenges await with the transformation in banking and the technological innovations, which Finnova will actively tackle.