How End-to-end Financial Services Cloud DataOps Reduces Risk, Optimizes Costs, and Accelerates Insights
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Learn how to quickly overcome data challenges through a modern DataOps platform
Traditional banks are at a tipping point, with a confluence of factors making the way they do business – through digital transformation enabled by financial services cloud technology – critical for their survival. In fact, nearly 75% of top executives primarily in the financial services and insurance industries said they were concerned that their companies were at risk of being disrupted or displaced by data-driven competitors. Additionally, approximately 92% of them felt that business transformation and greater agility through financial services cloud will improve their competitiveness.
One factor causing pressure is today’s high market volatility due to the pandemic crisis, geopolitical uncertainties, and changing government policies, making it imperative for businesses, especially banks, to be more agile with financial services cloud. In addition, banks face significant challenges to remain competitive. For example, on the consumer-facing side, banks are losing market share to disruptors including alternative lenders and mobile payment companies – or missing out on new market segments these disruptors have tapped into.
These segments include younger, tech-savvy consumers who may have non-traditional credit histories and demand a more streamlined (digital) application and approval process. Fueling the disruptors’ growth is broader access to large volumes of data from a wide variety of sources, as well as machine learning and artificial intelligence (AI) technology, which is being aggressively leveraged for a variety of use cases, including lending/underwriting.
In this rapidly changing, data-driven landscape, how can traditional banks compete while managing risk? How can they ensure they meet stringent privacy and security regulations like the EU’s General Data Protection Regulation (GDPR)? And, how can they position themselves to take advantage of AI and ML advances and create new customer experiences that resonate with younger, more diverse demographics? This white paper discusses key market trends, common challenges, and how a Financial Services Cloud DataOps platform can streamline the end-to-end data supply chain to support new and emerging use cases, such as automated risk scoring and identifying and approving new, creditworthy customers.
Use the form on the right to download this paper on financial services cloud data management and learn how to quickly overcome banking’s data challenges through a modern DataOps platform