White paper

Why financial institutions should invest in a translytical database

Eujish Selvaraj,

Enterprise Architect

Published: September 30, 2021
Translytical Database

In the rapidly expanding data-driven financial world, using data to run your business is a universal mandate. You rely on your data insights to know your customer better, identify their pain points, cross-sell better, and improve your customer experience. While it's no secret that banks and financial institutions have made large investments in gathering data to create actionable insights, the current rate of change is outpacing the abilities of on-prem databases. 

The reality is, on-prem databases are expensive, and the operational costs are high, but upgrading your legacy systems will take more convincing than what benefits a new version has to offer. It will require reflection into why data matters to your financial institution, what you would do if you had better data, and how you are going to use the insights that you have derived from the data. Once you've defined these through strategic and measurable business goals, you'll realize the potential to turn your database into a profit center. 

Is your current database positioned to help you remain competitive, maintain customer loyalty, and scale? If your database can't deliver on all three, it's time to modernize your database by investing in a translytical one. Capturing both transactional and analytical data can provide more in-depth summaries to develop actionable insights. These insights will better inform your business decisions and translate into noticeable ROI. 

In this white paper, you'll learn:

  • Why now is a crucial time to invest in a translytical database
  • Our perspective on four leading databases to consider
  • How to get started in your data modernization journey
  • What to examine when deciding which database to implement

 

Download the white paper

 

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