Financial firms collect and store enormous amounts of data. But collecting data for its own sake is of little use in finance. Bringing intelligence and facilitating access to that data so that it can be used is key. Firms require increasing amounts of data from a broadening set of sources which often puts pressure on the existing data management infrastructure.
One asset that financial institutions do not lack is data. They are keepers of massive volumes of customer data. But storing and managing data has not provided them with all of its potential value; banks are increasingly enhancing management with analytics to gain maximum advantage from data. Better cost optimization, greater regulatory compliance, improved user enablement and informed decision-making are only a few of the benefits of this coordinated approach.
Change is as much a part of life as breath itself, and that’s true in banking. Already in the midst of transforming itself to meet the expectations of its increasingly digitally inclined customer base better, COVID-19 gave it a swift kick that has expedited those adjustments. As society transitions into the “new normal”, what are some of the positive changes in banking that will remain even as the virus wanes?
Artificial intelligence, once the subject of science-fiction novels, is today regarded by financial institutions as a must-have. But the AI uptake can be challenging. How can banks turn this trendy buzz-term into a vital component of their day-to-day operations? The embarkation point is to begin the five steps toward making AI innovation a reality. From data to teams, the necessary resources are there to propel a bank into AI actualization.
It’s a fact. The exponential growth of data directly impacts financial institutions’ ability to do business efficiently. And there’s no sign of that growth slowing down, with IDC conservatively predicting a 26% CAGR data growth in financial services companies between 2018-2025.