January 24, 2024

Top 5 Fivetran Connectors For Financial Services

By Loc Dao

In the field of finance, having reliable data is critical. Whether making well-informed investment choices or ensuring adherence to regulations, having access to timely, precise, and secure data can be a game-changer. And that’s where Fivetran comes in – the data connector solution changing how financial services organizations manage their data.

In this blog, we will cover why Fivetran has become such a vital tool for the financial industry, along with our top picks for the Top 5 Fivetran Connectors for Financial Services. At phData, we have successfully delivered Fivetran implementations for clients in various industries. Through our implementations, we’ve gained valuable insights and best practices into the specific needs of financial data integration. In this post, we’ll share practical insights on how Fivetran enhances data management in financial services.

Understanding Fivetran

Fivetran is a user-friendly, code-free platform enabling customers to easily synchronize their data by automating extraction, transformation, and loading from many sources. Fivetran automates the time-consuming steps of the ELT process so your data engineers can focus on more impactful projects. 

The pricing model is based on the following principles: usage-based pricing, where you are only charged for what you use calculated with Monthly Active Rows (MAR), and five different pricing plans (Starter, Standard, Enterprise, Business Critical, and Private Deployment) which provides you the flexibility to choose the most cost-effective option. 

Fivetran includes features like data movement, transformations, robust security, and compatibility with third-party tools like DBT, Airflow, Atlan, and more. Its seamless integration with popular cloud data warehouses like Snowflake can provide the scalability needed as your business grows.

Fivetran for Financial Services

Fivetran simplifies financial data management, offering timely insights that save time and resources. This shift allows your team to focus on innovation and strategic analysis. 

The platform’s adaptability enables tailored solutions, accommodating the most common data sources in the finance industry, ranging from CRM systems to financial management tools. 

Incorporating Fivetran into your technology lineup can help digitize customer experiences, monitor fraudulent charges, calculate customer lifetime value and more.

Data security and regulatory compliance are some of the highest priorities in finance. Fivetran provides security features to meet these needs, such as secure deployment options, automated column hashing, SSH tunnels, and more. These measures safeguard your financial data and help ensure that your organization stays in line with industry regulations and standards.

Top 5 Fivetran Connectors for Financial Services

Below are our top five Application type connectors for Financial Services. In addition to the Application type, Fivetran provides connectors for databases, files, events, and functions. 

Salesforce – The Salesforce (SFDC) connector streamlines customer relationship management (CRM) data integration. Financial services companies can extract, transform, and load critical customer information to their target destinations. In addition, Fivetran also offers connectors for Salesforce Commerce Cloud and Salesforce Marketing Cloud for integrations with e-commerce and marketing data.

Adobe Marketo Engage – The Marketo connector simplifies data integration for marketing automation, enabling financial services organizations to enhance their marketing strategies. It empowers them to fine-tune campaigns and personalize communication with clients, leveraging the suite of Marketo features, which consists of inbound marketing, social marketing, and more.

NetSuite SuiteAnalytics – The NetSuite connector is tailored for financial management and provides real-time data replication. NetSuite is a cloud ERP system owned by Oracle. It’s a business management suite for ERP, Financials, CRM, and e-commerce.

Stripe – The Stripe connector facilitates the integration of payment transaction data. Stripe is a software platform that provides a service for accepting and managing all of your online payments. 

Workday Financial Management – The Workday connector integrates Workday Financial Management to provide operational intelligence, revenue management, and grants management data. Connecting Workday with Fivetran allows your financial teams with comprehensive insights.

Note: the Functions type connection can be utilized for custom application connections not covered by predefined connectors

Insights and Best Practices

In a recent project for a finance services client, we leveraged Fivetran to extract data from multiple sources: Salesforce Marketing Cloud, Google Analytics 4, and core banking systems. This data integration enabled our team to gather the data for our client’s marketing initiatives, which consisted of targeted campaigns and lead generations and laid the groundwork for future analytics.

To optimize the use of Fivetran connectors within your finance organization, consider the following insights and best practices:

Data Governance: Implement policies to safeguard sensitive financial information and ensure it complies with industry regulations.

Monitoring and Alerts: Set up monitoring and alert systems that quickly notify teams of any data integration issues.

Regular Audits: Conduct periodic audits of your data pipelines to identify and address inefficiencies or data quality concerns.

Scalability Considerations: Ensure your data integration setup is scalable and ready for future growth.

Documentation: Maintain comprehensive documentation, diagrams, and instructions of your data integration processes for knowledge transfer, troubleshooting, and future enhancements.

Next Steps

Now that we’ve covered Fivetran’s role in the finance industry, you might be wondering how to get started. Here are your next steps:

Begin by navigating the Fivetran website, where you can find comprehensive documentation, case studies, and FAQs. As of this blog’s publication date, Fivetran also offers a 14-day free trial to try multiple connectors. 

For personalized guidance tailored to your needs, contact our team at phData, a trusted Fivetran partner. Our experience in deploying Fivetran solutions across diverse industries brings valuable insights and support to help you incorporate Fivetran into your technology stack.

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