Banks are among the most data-intensive institutions—almost everything a bank does is based on digital processing and data analytics, including advanced analytics and models. For banks, their data is the business.
In recent years, the banking industry has experienced several simple but momentous trends that drive significant investment in data platforms and management:
- Banking is increasingly digital and data dependent. Not only is more data used in processing, but more data is collected and created by banks—and increasingly from new sources.
- Digital banking strategy is also increasingly cloud-first or must at least integrate on-premise data with data deployed or distributed in the cloud.
- The insights gleaned from that data, and the potential to use that data in advanced analytics and AI, can be a game changer for banks. Data and AI are the building blocks for future banking products and services, and the quality and performance of quant and AI models becomes more critical.
However, banks still face significant challenges to manage data effectively. Celent research also shows that many banks have either started the journey or plan to implement a data fabric solution to address problems in managing data. It is in this context that Celent has written this Solution Brief about InterSystems IRIS data platform.
Key Product Briefing Insights
Banks should demand the highest levels of quality and execution of transactions and operational processes. Although legacy platforms persist and may compromise reliability, a data transformation program must be based on a foundation of quality, end-to-end execution, and resilience. It is through this lens that Celent highlights key briefing insights.