Digital Transformation has become a major agenda item for many Retail Banks. In this blog, I wanted to explore some of the reasons behind this. We will explore what Digital Transformation might mean for a Retail Bank. We will also look at the importance of data in supporting of these types of programs. Banks are having... more
Despite significant investments in Data Governance programs, Chief Data Officers, and Tools, financial services companies (buy side, sell side, insurance, banking, etc.) of all sizes continue to struggle with the quality of data in their enterprise as evidenced by a recent survey and white paper completed by WBR and Informatica “Modernizing Data Quality & Governance:... more
The increase in omnichannel Banking requirements drives the demand for high quality, trusted data to support customer engagement regardless of channel and in real-time. So what’s changed? This conclusion isn’t especially new or ground breaking, after all Banks have been used to working with customers in real-time for a considerable period. What has changed is... more
Don’t you hate getting junk mail? Especially those unsolicited credit card offers that try to entice with you more debt? Well I do. It’s amazing how in today’s digital and e-spam crazy days, credit card banks continue to send print, post, and send millions of “pre-approved” offers. Unlike my college days when I really needed... more
In this blog, we explore the 5 Key Principles required for overcoming the challenges of Enterprise-wide Data Governance. For many Global Systematically Important Banks (GSIBs) the initial deadline for BCBS239 compliance passed on 1st January 2016 so I thought I’d outline some of the challenges they, and other financial organisations, have faced and some of... more
With the compliance date for BCBS239 designated GSIBs (Global Systemically Important Banks) just about to arrive in January 2016; many DSIBs (Domestic Systematically Important Banks) are looking carefully at their global counterparts to see what worked well; and what didn’t. The first challenge is that not every Bank knows whether it will be designated a... more
When’s the last time you visited your local branch bank and spoke to a human being? How about talking to your banker over the phone? Can’t remember? Well you’re not alone and don’t worry, it’s not a bad thing. The days of operating physical branches with expensive workers to greet and service customers are being... more
I recently refinanced an existing mortgage on an investment property with my bank. Like most folks these days, I went to their website from my iPad, fill out an online application form, and received a pre-approval decision. Like any mortgage application, we stated our liabilities and assets including credit cards, auto loans, and investment accounts... more
I recently participated on an EDM Council panel on BCBS 239 earlier this month in London and New York. The panel consisted of Chief Risk Officers, Chief Data Officers, and information management experts from the financial industry. BCBS 239 set out 14 key principles requiring banks aggregate their risk data to allow banking regulators to avoid... more
A few weeks ago, a regional US bank asked me to perform some compliance and use case analysis around fixing their data management situation. This bank prides itself on customer service and SMB focus, while using large-bank product offerings. However, they were about a decade behind the rest of most banks in modernizing their IT... more