Data Powers Financial Services

The Data 3.0 era is upon us, so this blog has a little look at how data powers the world of Financial Services.

What’s going on in Financial Services?

If I look at what seems to sit behind many conversations I have with customers, there seem to be a number of common factors. These common factors are:

  • Regulation and Compliance
    • How to use data to reduce the cost of a compliancce initiative, reduce the time it takes to deliver a compliance initiative, improve the quality and availability of data across the business- or a combination of all these
  • Growing the Business
    • How to use data, to improve shareholder value, by creating more compelling customer offers, more targeted marketing campaigns, developing more marketable products, getting a new product or service quicker than the competition – or a combination of all these
  • Operational Efficiency
    • How to use data to reduce business and IT manpower costs, make operational business processes more cost or time efficient, make technology processes quicker and operate with fewer resources – or a combination of all these
  • Technology Disruption
    • How to use data to address being disrupted or as the basis of causing market disruption. Examples of such technology could include Cloud, Internet or Things (IoT), social media, mobile applications or omni-channel engagement
    • See more details at this previous blog
  • Data Security
    • How to use data to help prevent or to react to data breaches, support data privacy initiatives, maintain or improve consumer trust
  • Mergers and Acquisitions
    • How to use data to realise the value of a merger or acquisition quicker, retire applications quicker, improve the time-to-value of merged company data utilisation in areas such as cross-sell

So this isn’t an exhaustive list but does represent many conversations we have.

When we examine these in more detail, a number of common capabilities start to emerge as being foundational to many of these areas.

Data Powers Financial Services

Based upon the business transforming nature of being in the era of Data 3.0 (more details can be found here), I thought it would be worth highlighting what these common capabilities are and share some real-world Finanical Services customer examples to show how real this all is. I’ve included links to more detailed materials on each customer example.

 

Capability Customer My Summary
Data Powers
Internet of Things
Data Powers the Internet of Things Humana “There is no aspect of life that can’t be affected, in a positive manner, with data”. The delivery of a personalised experience by combining data from a number of sources including internal systems, mobile apps, health and fitness devices. Publish and Subscription of bulk data helps increase the speed of delivery
Data Powers
Analytics
Data Powers Analytics Transamerica Project to provide a complete view and understanding of all prospect and customer relationships (approximately 20m) across all operations. Utilising a “data lake” which pools customer-oriented data from across the enterprise and makes it available for analytics. ROI is expected in the form of increased productivity and more rapid time-to-insight
Data Powers
Hybrid Cloud
 Data Powers Hybrid Cloud JPD Financial Need to reduce or remove many of the manual data movement processes required to support a Salesforce.com implementation. Made a decision to move to the Cloud to maximise profit and revenue with the outcome of getting valuable information into the hands of their employees
Data Powers
Customer Centricity
 Data Powers Customer Centricity TEB Target, acquire & retain customers better following the merger between TEB and Fortis Bank Turkey. Enabled TEB to accurately target, identify and acquire customers, based on a more accurate view of the customer relationship. Ensure staff are able to deliver a more personalised and rewarding service experience
Data Powers
Digital Transformation
 Data Powers Digital Transformation Tinkoff Bank Had the objective of raising the level of customer service by engaging through remote channels, such as mobile app and online services, as they are a branchless bank. The goal is to build a financial supermarket, where clients can buy products from Tinkoff Bank as well as partner products.
Data Powers
Compliance
 Data Powers Compliance UBS UBS faced a challenge in 2015, to prove to regulators that the organisation understands and controls the quality of the data it uses to run its business (BCBS239). UBS created an enterprise-grade data governance tool to manage data definitions, data quality rules and controls. Business users can now explore data lineage across 2,800 apps

So why is this important?

I think this is important as data has become the new control point in many Financial Services institutions and, in some cases, data is the new business.

So my goal with this blog was to demonstrate that the expression ‘Data Powers Financial Services’ isn’t just an aspiration, but that it is a reality already.

If you’d like to find more customer stories, please follow the links below:

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