As banking and financial services move towards becoming data-driven, embracing a federated or layered approach to data management could provide significant success for future-facing banks. With large data sets and long histories, banks are poised rightly to utilize analytics, artificial intelligence, and machine learning to explore new insights about customers.
In line with the emerging technologies, banks need to adopt a new approach that delves deeper and expands its reach beyond a 360-degree view of business operations. A ‘1080’ or ‘ten-eighty’ view can open doors to innovation and help organizations to become more agile, scalable, and cost efficient. As data becomes openly available, the 1080-view would integrate, combine, and synthesize data on customer relationships, transaction histories, external feeds, turning legacy data into a competitive advantage.