Data strategy for financial services: Key approaches to implementation

4 data trends that impact the financial industry

Four key data trends drive data strategies in the financial industry and beyond:

• Rising data volumes. As data generation volumes increase exponentially, so does the need for a data strategy in financial services.
• Shift to a digital society. Societal change is also shaping data strategies as regulators start to pay more attention to the online privacy of consumers.
• Change acceleration. Technology is evolving rapidly, and the rate of change is increasing, which presents a challenge for any data strategy for finance.
• Ubiquity. As everything generates data and data can be processed anywhere, data analytics can be implemented at any level.

 

4 central drivers behind a finance data strategy

In this speech, Paul breaks down the four key drivers any data strategy for business has to take into account:

• Governance. The data management process has to be easy and automated, following a uniform set of policies.
• Regulatory compliance. Privacy regulations like GDPR shape data strategies, and regulators are paying closer attention to compliance.
• Productivity. As more than half of all enterprise data remains unused, improving resource productivity is key.
• Legacy management. Financial services organizations have to deal with large mainframe legacy tech, which poses challenges for data timing and consistency.