Companies in every industry are looking for a solution to use their data more effectively. This primarily includes financial service providers. For them, the most important thing is to get a 360-degree view of all their own data. The comprehensive overview enables financial service providers to complete daily tasks faster and more efficiently and to develop innovations more easily. For example, more information is available for reporting. In addition, financial service providers can offer their customers new services that are characterized by greater personalization.
However, companies often still lack direct access to all data. A recent survey commissioned by InterSystems confirms this. The study is based on a survey of 250 financial industry executives in the U.S. and Canada. On the road to becoming a data-driven organization, the biggest challenge for 71% of executives is providing all employees with immediate, secure access to existing data. According to the report, many financial services organizations are not meeting the requirements for modern data management. But what are the reasons?
Obstacles and priorities
For 54% of financial service providers surveyed for the study, data silos are among the top three barriers to innovation. As a result, for 62%, better access to siloed data is currently on their top three priorities list. It's all about removing the barrier between a company, its data and new insights. What more and more financial services providers are realizing they can then target more effectively and develop innovative offerings. In this context, 44% plan to increase analytics across the enterprise. Another 40% plan to develop new applications for their customers.
What innovation looks like
When there is direct access to all data, innovation in the financial industry takes many forms. Self-service functions for customers, for example, are very popular. The reason: customers can take care of their own concerns - at any time and from anywhere. Then there is the use of artificial intelligence (AI) and machine learning (ML). More and more financial services providers are using technology to make predictions and gain meaningful insights into customer behavior or suspicious activity in real time.
As the study shows, financial services firms also prefer solutions that enable data visualization, provide self-service capabilities for employees and ensure interoperability between data sources. Self-service capabilities allow employees to interactively explore the available data, quickly find answers to their questions and make informed decisions. This also makes them less reliant on IT teams, which saves time and therefore costs. At 85% of financial services companies, IT teams spend a quarter or even half of their time working with their colleagues to find relevant data, extract meaningful insights from it, and then make it available to business departments for further action.
In short, direct access to all data brings tangible benefits. What is still open, however, is how financial service providers lay the groundwork for it. This is where the concept of the Smart Data Fabric comes into play.
Linking data and then using it
A Smart Data Fabric allows data from all internal and external sources to be merged, cleansed and harmonized for their analysis. All of this is done regardless of the source of the data, what format it is in, and what transmission paths and protocols are used. With the help of a modern data platform such as InterSystems IRIS, financial service providers can implement the Smart Data Fabric easily and quickly. This creates a single source of truth (SSoT), a centralized and unified view of all existing data. This also provides financial service providers with a variety of up-to-date and trustworthy data for new products and services.
In addition, the Smart Data Fabric - in keeping with its name - offers integrated functions for analyzing data, dashboards and the use of AI and ML. However, employees can also access the linked data using existing tools, which makes the solution very user-friendly. Consequently, the Smart Data Fabric gives all employees direct access to all data, without adding pressure to IT teams. The Smart Data Fabric builds on existing IT infrastructure, eliminating data silos and encouraging employee collaboration and creativity. Overall, it puts financial service providers in an optimal position. Thanks to the Smart Data Fabric and the modern data management it creates, financial service providers are starting securely into the future.
PRACTICE TIPS
Develop a new strategy for own data management and a 360-degree view of all data.
Ensure interoperability between data sources, thereby eliminating silos.
Merge, cleanse, and harmonize data.
Introduce self-service capabilities for employees.
Implement a Smart Data Fabric as a solution for all requirements.
However, companies often still lack direct access to all data. A recent survey commissioned by InterSystems confirms this. The study is based on a survey of 250 financial industry executives in the U.S. and Canada. On the road to becoming a data-driven organization, the biggest challenge for 71% of executives is providing all employees with immediate, secure access to existing data. According to the report, many financial services organizations are not meeting the requirements for modern data management. But what are the reasons?
Obstacles and priorities
For 54% of financial service providers surveyed for the study, data silos are among the top three barriers to innovation. As a result, for 62%, better access to siloed data is currently on their top three priorities list. It's all about removing the barrier between a company, its data and new insights. What more and more financial services providers are realizing they can then target more effectively and develop innovative offerings. In this context, 44% plan to increase analytics across the enterprise. Another 40% plan to develop new applications for their customers.
What innovation looks like
When there is direct access to all data, innovation in the financial industry takes many forms. Self-service functions for customers, for example, are very popular. The reason: customers can take care of their own concerns - at any time and from anywhere. Then there is the use of artificial intelligence (AI) and machine learning (ML). More and more financial services providers are using technology to make predictions and gain meaningful insights into customer behavior or suspicious activity in real time.
As the study shows, financial services firms also prefer solutions that enable data visualization, provide self-service capabilities for employees and ensure interoperability between data sources. Self-service capabilities allow employees to interactively explore the available data, quickly find answers to their questions and make informed decisions. This also makes them less reliant on IT teams, which saves time and therefore costs. At 85% of financial services companies, IT teams spend a quarter or even half of their time working with their colleagues to find relevant data, extract meaningful insights from it, and then make it available to business departments for further action.
In short, direct access to all data brings tangible benefits. What is still open, however, is how financial service providers lay the groundwork for it. This is where the concept of the Smart Data Fabric comes into play.
Linking data and then using it
A Smart Data Fabric allows data from all internal and external sources to be merged, cleansed and harmonized for their analysis. All of this is done regardless of the source of the data, what format it is in, and what transmission paths and protocols are used. With the help of a modern data platform such as InterSystems IRIS, financial service providers can implement the Smart Data Fabric easily and quickly. This creates a single source of truth (SSoT), a centralized and unified view of all existing data. This also provides financial service providers with a variety of up-to-date and trustworthy data for new products and services.
In addition, the Smart Data Fabric - in keeping with its name - offers integrated functions for analyzing data, dashboards and the use of AI and ML. However, employees can also access the linked data using existing tools, which makes the solution very user-friendly. Consequently, the Smart Data Fabric gives all employees direct access to all data, without adding pressure to IT teams. The Smart Data Fabric builds on existing IT infrastructure, eliminating data silos and encouraging employee collaboration and creativity. Overall, it puts financial service providers in an optimal position. Thanks to the Smart Data Fabric and the modern data management it creates, financial service providers are starting securely into the future.
PRACTICE TIPS
Develop a new strategy for own data management and a 360-degree view of all data.
Ensure interoperability between data sources, thereby eliminating silos.
Merge, cleanse, and harmonize data.
Introduce self-service capabilities for employees.
Implement a Smart Data Fabric as a solution for all requirements.