Business leaders frequently hear that data is their most valuable asset. And while few would refute the claim, there is a big difference between understanding the theory and being able to put it into practice.
Following the wholesale shift to digital banking, banks hold a wealth of historical and customer data. But to realise its true value, they must be able to access, make sense of and deploy it to support real-time decision-making.
The audience of “ It’s All About Data: Harnessing Finance’s Most Valuable Asset”, a roundtable sponsored by InterSystems and organised by Economist Impact, was surveyed about what is driving banks to become data-led businesses and what barriers prevent them from making greater use of the vast volumes of data at their disposal.
It is clear from the survey results that harnessing value from data is a serious challenge in the banking industry. With multiple factors holding financial institutions back, there needs to be a multi-pronged approach to enabling their data journeys. That approach needs to include investment in tools for interrogating and analysing data, talent development, and close collaboration with government and the wider industry to ensure that standards and regulations support rather than hobble innovation in banking.