Exceptional data management is essential for all financial entities, not only in terms of security, but for the realization of day-to-day operations and management strategies. Excellence in this area alone can make or break a financial player, as well as set them up for leadership in the market.
In an August publication, TechGenyz, a technology media outlet, summarizes the importance of a clean and efficient data management system and focuses on its fundamental capabilities: integration, automation, organization, and analytics. Data management system empower both organizations and users with the best quality data, cloud accessibility, 24/7 availability, and reliable security (password-protected). Examples include the automatic repair of phone numbers written with extra spaces, and the elimination of duplicate files to prevent the sending of the same message to a customer.
Data is Gold
Data management is a daily necessity for the banking sector, with technological systems continuously updating and aggregating financial data. But entities require more than sharp data, they need agile systems to support their analytical and reporting capabilities. In turn, this enables them to respond to the needs and wants of today’s banking customer, as well as pivot to the ever-evolving market trends.
The sheer size of the data management industry demonstrates its growing importance in the financial sector, valued at $9.5 billion in 2018, it is projected to grow to $22 billion in 2023 (almost doubling in size in just five years). The Aite Group’s “Assessment of the Current State of the Global Analytics Ecosystem,” reiterates this notion. In its survey of about 700 financial entities, it reported that more than half plan to increase their spending on data collection and analysis, making this technology a key banking trend.
What's the Take-Away?
The value of information in today's financial services market is undeniable. As mentioned just the ability to manage clean and secure data will transform a financial entity. But, with an excellent data management system, financial businesses will have the ability to predict and proactively meet the needs of the financial customer, and make themselves indispensable components of the lives of their customers.
We can help
Our tool, COBIS XSell tool, responds directly to your data management needs. It empowers you with a comprehensive understanding of your customers: user profiles with spotless data, continuously organized and analyzed to provide you with key insights to optimize your business strategy. To learn more about our offerings, we invite you to visit our website.
Looking to learn about other key financial technology trends? Here is our latest blog.