Connecting Data Will Accelerate the Bank’s Digital Transformation
Banking Organizations Are in a Digital Deadlock
61% of banks worldwide are in “digital deadlock” according to IDC’ research. Although nearly 100% of banks acknowledge the need for digital transformation, the “deadlocked” institutions have not gone beyond the stage at which digital initiatives are repeatable and well managed. And only 30% of banks have achieved the innovative or disruptive stages where they are gaining competitive advantage through digital transformation.
This lack of integration challenges the institution:
- Customer experience is disjointed, based on the products, channels, and customer types,
- Monetization of data is limited due to a lack of data integration.
- Analytics are imperfect because of the inability to fully leverage data relevant to the business.
One of the challenges in moving forward with digital transformation is the difficulty in managing what has traditionally been an extraordinarily siloed data environment. As the organization has grown over decades of aggregated technologies, point solutions developed to address specific lines of business have created an environment of islands of data separated by diverse formats, dissimilar transaction and archiving requirements, and challenges in integration. Historically, efforts to overcome challenges created by such siloed environments resulted in point-to-point integration of disparate systems, or manual integration of the data.