It's been thirteen years since British mathematician Clive Humby coined the phrase "data is the new oil". Today the phrase has become so overused, it's clich© but when it comes to banks and other financial institutions, it's even deeper- data is the new water. It's such an essential component no modern financial firm could hope to survive without a constant supply. But, like water, data must be sanitized and cleaned before it can be used. Just as dirty water can make you very ill, unclean data can cause a host of problems from a poor experience for customers when speaking to staff, to wasted resources when departments unnecessarily purchase data already held elsewhere in the organization. And considering banks spend more than any other industry on Big Data and analytics solutions 'nearly $17bn in 2016' it's even more important the data these solutions are working with is viable.
With this in mind, there are some key steps banks can take to ensure that the data they're using is up to scratch and that they're able to use it to make decisions with confidence:
The start of the journey
Sadly, there is no silver bullet which can magically solve all the data management issues that a modern enterprise faces but these three steps of standardizing, verifying and centralizing data resources are the first steps any firm should look to accomplish when tackling the problem.
Today banks are investing in a host of incredibly powerful technologies as part of a grand digital transformation strategy, including the deployment of AI, smart devices, and cloud migration. All of these are underpinned by data and so banks need to ensure they can walk before they run by doing a full review of their data infrastructure and data management capabilities. In particular, banking CIOs need to ensure they have conducted a thorough review of their digital strategy so that, before undertaking any major data project, they are clear on what data infrastructure upgrades might be needed to make the project a success. Otherwise they could find themselves drowning in the deep waters of bad data.
Subscribe to keep up-to-date with recent industry developments including industry insights and innovative solution capabilities
Learn how Microsoft Customer Engagement Facilities are helping enterprises reach their cloud transformation goals.