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. This foundation is pivotal in generating fresh insights, suggestions, and forecasts. By establishing this groundwork, these companies can 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.
The primary challenge is managing the complexity arising from the growing number of data sources spread across hybrid, multi-cloud distributed data systems.
This paper looks at this challenge and discusses how a logical data fabric powered by data virtualization can provide a platform to help solve it so that Financial Services and Insurance companies can shorten time to value, meet executive expectations and achieve their goal of becoming data-driven enterprises.