Banks and financial institutions cannot afford to leave their customer data in silos now. With rising customer expectations, a focus on data management and analytics is inevitable. Banks must now use integrated data to gain meaningful and valuable insight into customer preferences. This helps them gain a competitive edge with robust business intelligence. However, studies reveal that organizations in the banking, financial services, and insurance sectors (BFSI) still face significant challenges with efficient data collection and storage. In this article at IT Chronicles, Monica Mendoza explains how financial organizations can best benefit from modern data foundations.
Unlocking the Organizational Capabilities With Integrated Data
“Today’s tech-savvy generation demands highly personalized plans from their financial services providers. To meet this expectation and come up with products that can be personalized instantly, BFSI companies must collect a wide range of data on their customers and find out how their products are being used,” says Mendoza. Integrated data management systems are vital in supporting user enablement and enhanced decision-making.
Integrated Data for Enhanced Customer Data Security
Real-time data integration is especially crucial for fraud detection and compliance. Streamlining data helps financial institutions to access data as soon as it becomes available. This further enables organizations to identify anomalies as soon as they appear. Real-time data visibility coupled with artificial intelligence allows companies to detect fraudulent activities and pinpoint potential risks before they become significant problems.
Streamlined Business Applications
The financial service industry has kept pace with technological changes by offering customers various services built around web and mobile phone technology. Some of the benefits include remote fund deposit, online bill payment, and the availability of e-statements have added value for customers and banks alike.
Looking ahead, BFSI companies are on the cusp of a new age in financial data management. Technology, processes and macroeconomic factors bring data analytics and management together. This opens numerous opportunities for financial institutions to optimize costs, drive user enablement and maximize the value they get from data. To read the original article, click on https://itchronicles.com/big-data/importance-of-integrated-data-management-for-financial-institutions/.