Banks and financial institutions (FIs) continuously struggle with declining revenues from traditional transactional businesses. Data and analytic insight sharing are becoming increasingly important for these institutions as they seek new ways to monetize assets and stay competitive with their peers and FinTechs. Data as an asset is gaining momentum with the maturity of data warehousing technologies to address performance, security, and regulatory concerns.
Traditional data sharing methods, such as shipping data extracts, are costly, inflexible, and batch driven. Modern systems must allow real-time data sharing and on-demand querying, support multiple methods and interfaces for sharing, and avoid making copies of data for lower cost and maintenance. Virtusa's Data Monetization framework enables FIs to establish a data marketplace by utilizing a cloud-based data warehousing platform. The internal or external stakeholders can directly share data "in-place" from the database where it is stored.