Data is the lifeblood of every business.
In the rapidly evolving ecosystem of financial services, the establishment of a robust and efficient cloud-based information management platform to govern this data is integral to a firm’s ability to remain resilient in uncertain times while building market share.
While the financial services industry increasingly leverages the value of data, the way in which it is collected, stored and deployed is evolving to keep pace with customer expectation, regulatory demands and seismic innovation in technology.
Collaboration between banks, partners, customers, or third-party providers represents a key shift in financial institutions’ approach to data, yet, ensuring the systems that are in place work to both protect and share data between these players is challenging to navigate.
Building cloud-based information management systems from the ground up is often an unrealistic premise, particularly in financial services. Firms operate with pre-existing systems, and the reality remains that these legacy systems will build the backbone or springboard from which resilient information management systems will emerge. It is vital that firms understand the need to collaborate with external providers to extend the availability of this data across diverse hybrid environments if they are to effectively implement these technological advancements.
Directives and regulations pushing banks to open access to their information assets puts a hard deadline on the calendar for such projects and means that those which act early can benefit from being first to market with solutions that not only meet compliance requirements but capitalise on new opportunities. Interoperability is a fundamental tenet of this collaborative ecosystem.
It is the ability of financial institutions to work collaboratively with providers to deliver this type of efficient, secure and resilient data management platform which will determine their success in this new information-sharing climate.
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