Financial Services

Financial services industries are undergoing massive digital transformations, driven by the need to maintain their competitive advantages against traditional and new fintech challengers. 

Such transformations are challenging and can affect the entire institution on many levels, and this solution brief covers 10 capabilities for overcoming these challenges.

Data lies at the heart of an ESG framework, yet it remains a major hurdle. For most organizations data is stored in numerous different silos, from mainframes, to mid-range servers, different data warehouses, and of course the cloud. Enterprises have difficulty bringing all of this data together in a coherent way – and if they cannot, they face a risk that their ESG (environmental, social and governance) initiatives could fail. They need to be able to monitor, manage, and enhance their sustainability plans, and that requires consistent, joined-up data.

Read this IDC Spotlight to understand how well-managed data – captured from numerous systems, business units, and geographies – is key in supporting broader ESG frameworks.

In order for financial services and insurance companies to embrace a data and AI-driven future, they must effectively integrate data from a growing array of sources. This necessity has evolved into a critical requirement for establishing a solid, secure, compliant, and robust data foundation, which is pivotal in generating fresh insights, suggestions, and forecasts. This enables these companies to develop real-time customer profiles, manage credit risks, combat fraud and financial crimes, ensure data security, address cybersecurity concerns, expand their customer base, and enhance customer service.