About the Client
A major banking and financial services provider based out of Western Europe with revenues in excess of £20 million and more than 30,000 employees. The client was looking at deploying a data governance framework to address the core data management issues faced by them.
The Business Challenge
Data has turned out to be a valuable asset that needs to be well maintained and secured across industries. For banks, collecting, safeguarding, and analyzing data is a core competency that differentiates them from their peers. Yet several banking firms and asset managers are still in the infancy of taking full advantage of their data governance model. As technology and technological transformations expand an institutions’ ability to profit from data, it also ushers in new vulnerabilities. As such, protecting data from vulnerabilities remains a pressing issue facing financial institutions today.
The unrelenting pressures from non-traditional banks is another factor that is driving financial services firms to transform themselves digitally by deploying an effective data governance framework. However, to completely transform themselves into a data-driven organization, banking service providers needs to address the top three data management trends revolving around: data volume, ubiquity, and user demands. As a result, the process of understanding data quality, deploying a data governance model, ensuring data security, monitoring data management infrastructure, and maintain a data governance framework is gradually gaining importance.
Request a Demo to know why a data governance framework is a crucial component in an effective data management approach.
Most of the data quality issues faced by banking firms result from poor data governance framework, lack of well-planned tactical solutions, and weak data governance frameworks governing a firm’s data management system. A leading financial services provider headquartered in Europe found itself grappling with multiple regulatory compliance issues. The financial services provider was striving hard to drive data governance and data analysis across its enterprise and were on the lookout to implement a data governance framework that would help them address their challenges.