Digital Transformation in Financial Services
The financial services industry has always been first to adopt technological innovations for business process optimization and better customer interaction. As traditional revenue streams struggle to remain profitable, financial services firms are engaging in digital transformation; financial institutions are looking into offering novel, higher margin products and services while seeking to improve operational efficiency. They are striving to provide business analysts with better self-service capabilities, and they are working on providing customers with real-time information, mainly in the service of up-selling, cross-selling, fraud detection, and risk management initiatives.
73% of finance functions have responded to the data boom by promoting greater use of corporate-approved performance data from a centralized, finance-governed source.
Challenges in Digital Transformation
Financial services firms are significantly investing in digital transformation by implementing cloud technologies, big data systems, self-service analytics, and many other modern tools and technologies. But if these components are not interconnected in a way that enables them to generate real-time information that business stakeholders can consume in a self-serviceable manner, then the digital transformation will yield limited benefits.
How Data Virtualization Can Play a Critical Role
With data virtualization at the center of their enterprise data architecture, many of our financial services customers have enabled 360° views of their customers, logical data warehouses consisting of big data repositories, or seamless transitions to the cloud, with a centralized security and governance structure in place.
The Benefits of Data Virtualization
A 360° view of the customer, which helps in understanding changing needs and behaviors.
Timely financial intelligence, to make better pricing and promotional decisions.
A real-time view into a variety of institutional and market risk data sources.
Faster fraud detection and prevention, to improve customer confidence
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