Creation of a Data Driven Culture
Trends in financial services worldwide point to a seismic-shift towards ‘digitally-born innovations’ that are disrupting the traditional ways of doing business. Customers are increasingly more comfortable dealing with digital entities - be it for banking, assessing personal finances, making payments, or consuming insurance products.
Coupled with the growth of the internet, globalization has resulted in complex, cross-border relationships bringing together a host of factors that influence the financial services industry as a whole. Regulation has increased in response to the need to systematically quantify risk exposure in this climate. It is no longer possible for banks to be isolated and catering only to a few customers, with reach, risks and benefits extending far beyond traditional borders.
Therefore, a financial institution needs to respond to these changes of modern banking in a strategic manner that drives increased value from diverse investor bases, across regimes and markets. Rather than consider each change as tactical, a comprehensive reconsideration is required to meet these challenges. In other words, the financial services industry requires a transformation towards a more data driven agenda to face these challenges with élan.
A Modern Data Strategy is the starting point for this transformation
A good data strategy is as much about the data, as it is about the platforms where the data is stored and processed, the people that work with this data, and the processes that are followed. The advent of Big Data technologies has brought about a fundamental shift in how platforms are engineered to store and process data. It is no longer expensive or technologically difficult to store, manage and process colossal amounts of data. While data science is heralded as the job description that will be best placed to handle this data deluge, the people already employed by banks and financial institutions are, in fact, the most able to derive actionable insights relevant for the business.
A good data strategy would therefore spell out the program to re-skill existing human capital, where the latent potential of an already domain-ready workforce is upskilled with new tools, methods and mental models. The ability to deliver on insights from data is hinged on the capability of skilled people to iterate rapidly using the right platforms, and a freedom to experiment responsibly. Devising the right processes and incentives allows this data-driven culture to thrive and flourish.
The Data Team can help in this journey. Contact us to find out more.