Data and Analytics: High-Tech Revenue Generators for the Bankers

Banking CIO Outlook | Wednesday, July 17, 2019

Institutions are taking faster steps towards digital rationalization of trade financing.

FREMONT, CA: For financial institutions like retail banks, insurers, investment firms as well as wealth management firms are all under pressure to deploy new digital services "anytime-anywhere." There must be an acknowledgment that data types have distinct access, storage, and management needs to construct the most contemporary IT environments and obtain the highest value. To survive and flourish in today's digital age, financial organizations need to become data-centered to manage all important duties, right from customer-facing services to internal back-office activities.

Financial companies are looking for a data platform that can consolidate, connect, and accelerate information from both historical and existing information sources to expedite their digital transformation journeys. The platform that can accommodate IoT equipment and telemetry streaming information and produce on-demand analytics and AI/ML apps is well-preferred by the organizations. Financial services companies are now deploying data hub platforms to accelerate data in such a manner that efficiency and profitability are improved.

There is continual pressure on every form of an investor to enhance performance and top-line revenue. More companies are deploying models powered by analytics that generate ideas driven by AI and ML to tackle this pressure and maintain pace with continually evolving economies. As a consequence of AI, financial services, as well as retail and healthcare will see the greatest industry profits. They also need high-performance processing to optimize machine analysis and get the responses that they need.

Online and mobile banking customers require convenient services whenever and wherever they want them. Providing such experiences is now strategically critical for financial institutions to remain competitive, and customer loyalty also depends on it. From the information they store and safeguard, financial firms can now gain more value. They are now embracing platforms like AI, ML, and predictive analytics to leverage their vast data sources, add new value, and offer experiences that assist attract and maintain customers.

A high-performance and extremely flexible data storage platform is the key to unlocking digital success. Modern IT environments should focus on data policies based on flexible on-site usage models and government cloud–aligning application workloads with the most efficient facilities.

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