Although it’s been almost 28 years, since Bill Gates said, “Banking is necessary. Banks are not” (1990), they are more relevant than ever. The banking industry has in a lot of ways already felt the shaking in its foundation during some years, as innovative digital financial services providers – the so-called FinTechs - have entered the market and now to a certain degree compete with traditional brick and mortar banks. (Learn more about it in the blog post: Traditional banking vs new financial disrupters: Who’ll win the data battle?)Read More
A new breed of financial services providers is currently disrupting the industry - delivering a whole new way of meeting the needs of today’s consumers.
Crowd-sourced investment funds, independent online investment and wealth management advisers, and mobile-only banks such as Atom and Monzo live on their customer's laptops and mobile devices, offering more flexibility, agility and convenience than their physical counterparts.Read More
With a mountain of transactional data, streaming feeds of real-time market data, and an influx of third party information available, the financial services sector has long been ripe with opportunity for insight. While the advanced analytical techniques in use are the most visible aspect of generating insight, activities to organize, access, cleanse, and govern data are absolutely critical in developing an underpinning of valuable data. Companies these days, particularly in the financial services sector, are responding with their wallets. When it comes to spending, technology leaders need to make sure the infrastructure is robust and scalable, the environment and the data are secure and reliable, and the users are armed with the tools and applications required for their jobs. With those pieces in place, organizations typically then turn to analytics as a way to move from automation to optimization. Essentially, the tremendous amount of data created from these modern IT environments contains nuggets of wisdom that can be extracted with the right tools, and more importantly, the right data-driven mindset.Read More
The unique identification of a customer and the processing of complete, accurate and timely customer data are of vital importance in the corporate and investment banking service industry. However, many banks struggle to keep up with the changing demands and preferences of their corporate customers.
A recent survey found that 46% of corporate customers are less than satisfied with their banker’s ability to support new customer on-boarding with more than 60% of issues linked to accuracy, documentation and duration1; areas in which timely access to complete, accurate and insightful information is key. Banks wishing to identify growth opportunities by industry, by segment and by product find it challenging to support their relationship managers with reconciled information from across the entire business.