The move to digital business has wrought profound changes in certain industries, and financial services is one of them. Not only are traditional financial services companies using data and technology to change the game, a plethora of “FinTech” startups are using digital products to dislodge traditional players. This podcast features Peter Ku. Vice President, Chief Industry Strategist for financial services for Informatica. He shares his insight, expertise, and experiences in helping financial services firm become data-driven.
Financial services firms are quickly moving to deploying a “data platform” that is the foundation for identifying ways to improve processes and allows them to address new opportunities. The data platform supports several critical initiatives in this industry:
- Support for new product development by using data to identify opportunities where current services aren’t available or are unattractive to customers.
- Improving the customer experience with more relevant content and personalized experiences based on information about that customer’s activities.
- Improve risk, governance, and compliance with a comprehensive view of data contained in processes and interactions so it can be secured and protected to meet these regimes.
The use of a data platforms to drive new product offers and address customer needs is already beginning. Perhaps the most visible of these efforts is in personal auto insurance. Drivers can choose coverages based on price or needs. The ability to “personalize” their policy and fit it into their household budget has changed the industry.
As financial services firms build their data platform, they will use it to innovate and build new competitive advantage. Informatica is enabling this trend with their Intelligent Data Management Cloud, an end-to-end data management platform that enables financial services firms to bring together data from many sources or apps to gain the insights that lead to business success.
The Intelligent Data Management Cloud is an essential tool for making data “fit for business use” in financial services. For more information on how you can create data assets that drive business success, look at: https://www.informatica.com/solutions/industry-solutions/financial-services.html
