This is a sponsored post by InterSystems, Gold sponsors of FinovateSpring 2022.
Accessing and leveraging enterprise data in a timely fashion has become one of the most definitive ways to outpace the competition in the business world. In the financial services industry, financial firms must be able to use data to generate a complete view of the business and the customer at many levels of the organization.
Until recently, data-driven insights were the sole purview of leaders, stakeholders, and team members with the right technical expertise. Now, financial organizations are searching for ways to deliver insights across their organizations, from the board room to one-on-one interactions between customers and customer service representatives.
This is what’s known as data democratization, and it will be key to driving innovation in the financial services industry moving forward.
According to a recent study sponsored by InterSystems entitled “Empowering Line of Business Users Through Data Democratization,” one of the most important steps in democratizing the enterprise’s data is breaking down data siloes. The study, produced by WBR Insights and published by the Financial Information Management (FIMA) conference series, engaged 250 leaders from the financial industry to learn just how they intend to improve access to data over the next 12 months.
Data Access, Compliance, and Analytics Are Key Projects for the Future
Researchers concluded that any company that isn’t satisfied with its current ability to democratize data may need new data technologies. They may also need to consult with third-party experts to deploy enterprise-wide data governance processes and manage changes among staff members.
Indeed, 62% of the respondents said that providing improved access to siloed distributed data is among their top data priorities for the next 12 months.
Data Siloes Are the Biggest Barrier to Innovation
Innovation in the financial services industry has taken on a variety of forms. Self-service solutions for customers have become particularly attractive to organizations recently, as customers are demanding more ways to connect with their financial companies from home. Artificial intelligence and machine learning are also making inroads among financial firms due to their ability to make predictions and offer strategic insights.
But the most important asset for all these innovations is data. Without accessible and usable data, the organization can’t make use of advanced technologies or develop innovative applications for them. Too often, enterprise data is locked in silos due to systems that don’t communicate with each other.
According to the respondents to the FIMA and WBR Insights study, data siloes were among their top three biggest barriers to innovation.
Specifically, 54% of the respondents listed “data silos” as a top barrier to innovation. These organizations know that they have valuable data locked away in their systems, but because those systems can’t communicate with each other, there is effectively a barrier between the organization, its data, and the insights that data contains.
In the context of the financial services industry, it should be no surprise that unlocking the potential of that data is a top concern. Data is quickly becoming a new currency, and the ability to use customer data for insights is driving competition across the sector.
Download the Report and Empower Your Business with Data
These are just a few of the insights offered by the new report by WBR Insights and FIMA. If you’d like to gain actionable insights into how you can democratize data at your organization, download the report today.
