Connecting data to improve digital transformation in banking and capital markets

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Opportunities: Data can be used in many powerful ways (Getty Images/iStockphoto)

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Working with partners unlocks new value

To provide colleagues, customers and partners with the personalised products and services they need can be a challenge for banking and capital markets (BCM) firms. And to do it properly, they need to be data-rich.

That means they need easy access to, and the ability to accurately ingest and connect, existing data in a centralised system. Companies can then train an artificial intelligence (AI) or machine learning (ML) model to accurately interpret large amounts of data, which will enable them to make smart business decisions and deliver world-class customer experiences.

Data can be used in many powerful ways, and the digitisation of financial business processes has opened new opportunities for digital transformation – turning data into information, gleaning insights and generating new value. The challenge is that collecting, ingesting and amalgamating this data is a complex task, impeded by issues such as the inaccessibility of the repositories used by BCM companies to store data (clean or not). This is why we believe that digital banking needs the right data, not more data.

In some cases, despite the myriad resources and technologies designed to improve the collection and storage of important information, many BCM companies are still unsure how best to use data. In a recent survey, 72 per cent of business leaders said that the sheer volume of data and their lack of trust in it has stopped them from making decisions.

This is why we work with partners such as Snowflake to help BCM customers to simplify data architectures and deploy AI to transform customer experiences, strengthen risk management and power business workflows.

A better way of working with data

The future of digital transformation for BCM relies a great deal on enabling data capturing, data analysis and data ingestion to a centralised system, driving data-rich insights and leveraging them for high-value results.

This requires gaining support from the entire business to move quickly – including end-users, by bringing them into the decision-making process from the beginning. This enables them to provide continuous feedback to improve the experience, and adapt to new application interfaces to lessen the impact of change on them. Taking a user-centric approach is a key element to the success of digital transformation. We have seen companies whose projects are either poorly adopted or fail outright because they lacked business engagement at various levels.

An investment in change management is also a prerequisite, as is having data governance in place from the outset. That means taking steps that include developing data strategies that establish frameworks for improved data management and embedded analytics.

Leveraging data-driven insights that allow for an increased focus on customers and alignment with business strategy is critical for becoming a next-generation BCM company. To that end, those companies need to ask more of their partners, which can provide a gateway to services experience and collateral that can help them reach their goals.

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Contact DXC Technology today to learn more.

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by Dave Wilson, Chief Technologist, Banking & Capital Markets and Peter O’Keefe, Chief Data Officer, Banking & Capital Markets, DXC Technology