As a BFSI company, how do you best capture data? How do you best leverage data for competitive advantage? And how do you best monitor your business in the ever-evolving social landscape? These are some of the questions BFSI companies need to answer as the sector’s outlook has drastically changed throughout the course of multiple economic and security downturns.
April 30, 2020
December 15, 2020
FRB, OCC, FDIC
SOURCE: Deloitte’s 2021 banking regulatory outlook: Understanding this year’s key US banking regulations
Informatic can help guide BFSI companies through these mission-critical challenges. The baking, financial services, and insurance sector is the most data-driven sector in the global economy. An enormous amount of customer data resides in banks — from deposits and withdrawals at ATMs to POS purchases and online profile creation and payments.
However, data silos can hinder the BFSI companies from utilizing these rich data sets to their advantage. Global markets have been under immense pressure and the financial industry has found itself struggling to cope with the scrutiny on its credibility and data security. The world is accelerating at a rapid pace, and the processes of data gathering, data management, and financial reporting must be able to keep up.
Banks and financial services institutions must embrace more advanced technologies and workflows, including automation, which means there is a need for higher quality data governance.
Today’s rapidly evolving business and technology landscape is fueling the need for more sophisticated strategies and solutions in Big Data and Analytics. The proliferation of mobile devices combined with the continued rapid growth of online channels and social media will result in organizations having access to more business-related data than ever before.
With increasing customer expectations, banks and insurers can leverage the existing and new data sets to enhance their understanding of their customer behaviors and gain a competitive advantage as many market players today are using Big Data techniques and strategies to deliver compelling advantages.
Informatic Tech offers a range of services and solutions to help the BFSI sector harness the power of data.