The ability to access relevant, high-quality data in a timely manner has become a key differentiator for today’s leading banks. Yet as the volume and variety of data collected by financial institutions continue to grow, so do the challenges associated with managing all that information. Data often resides in different systems and repositories, creating silos that make it difficult to formulate a comprehensive view of customers, operations, and risk. Extracting value from siloed data requires integrating and analyzing information from various sources, which can be complex and time consuming.
It can also be extremely costly. A recent study by IDC Market Research found that companies lose 20-30% of potential revenue each year due to inefficiencies created by siloed data. Integrating data silos within a department or across the enterprise can provide institutions with a more cohesive and agile data infrastructure, driving streamlined operations, enhanced customer experiences, and a competitive edge in the industry.
Financial institutions face several obstacles when it comes to breaking down data silos. These challenges, often interconnected, underscore the uphill battle that institutions face as they seek to harness the full potential of their data assets:
Overcoming these challenges requires a multi-pronged effort. At FI Consulting, we take a cohesive approach that involves the orchestration of disparate data sources, implementation of modern tools and technologies, and robust data governance. Whether the goal is to integrate data from across an institution or within a specific business unit, our approach to breaking down data silos typically includes the following key elements:
FI has over two decades of experience working with financial institutions of all sizes to unlock the full potential of their data with streamlined management strategies, powerful technological solutions, and robust data governance. Read on to learn more about how we strengthened data management for three clients by breaking down data silos and deploying modernized architectures:
If you’re ready to extract more value from your data by breaking down silos, email us at contact@ficonsulting.com or call 571.255.6900.
