Put Your Bank’s Data to Work

Data is the lifeblood of any modern financial institution. A company’s ability to unlock the true value of data is crucial for gaining—and sustaining—competitive advantage, especially as banking leaders navigate a near-constant barrage of disruptive market forces, swift regulatory changes, and industry consolidation.

Taking nimble, surefooted action in this rapidly evolving landscape requires leaders to have accurate, accessible, decision-ready data at their fingertips. However, many banks find this out of reach because they are burdened with complex data architectures and data siloed across multiple legacy systems and best-of-breed applications, often in inconsistent formats and with varying levels of transaction detail.

It’s clear that financial institutions must evolve to thrive, and many have already started this journey. According to recent KPMG research, the majority of top-performing organizations are not only focused on operationalizing internal data but also on integrating external data to enable real-time insights and drive finance transformation. Moreover, they’re spending two to three times more on data analytics and decision support than the industry average.

To continue progressing, leaders need to ditch ad hoc fixes and “lift and shift” solutions in favor of a clear data strategy and a flexible platform that can operationalize data, ensure easy access for all relevant stakeholders, and maintain security and privacy. They also need to move beyond cumbersome fixed accounting keys that hinder insight and fail to adapt as business evolves.

Read on to learn how finance leaders within banking can lead the charge toward becoming a true data-driven financial institution.