4 Benefits to Becoming Digital and Data-Driven in Financial Services

Advanced Data Analytics is Only the Beginning

Make no mistake: the current explosion of volume in data coupled with the emergence of new tools and processes on the public internet has created a near-perfect storm when it comes to generating opportunities for the enterprise. In addition to the creation of all new forms of business – think of Netflix and Uber – the abundance of expansive data that can be utilized in cost-efficient applications can also drive insight and innovation in previously unimaginable ways. As explored in our white paper, Breaking the Mold to Become a Digital, Data-Driven Leader in Financial Services, innovation is not solely the province of disruptive start-ups as highly regulated and culturally conservative organizations also have the opportunity to embrace the best of new technologies and, at the same time, stay true to core values and principles.

On the surface, it is axiomatic that such an effort will yield results directly attributable to advanced data analytics, but other benefits are readily available as well. Specifically, new approaches to cost, more efficient development methods and enhanced security capabilities will also be achieved as the result of a holistic and comprehensive modern data analysis program.  

It starts with advanced data analytics

It may be patently obvious that an effort to become a data-driven leader will necessarily include advanced data analytics, but it is instructive to unpack some of the benefits that accrue from such an effort. For example, it accelerates the pace of change, shortens innovation cycles, enables previously siloed data to be integrated in order to produce new insights, and enhances both the customer and employee experience. Importantly, these new analytic capabilities are just that: new. The enterprise is not bound by old, outmoded methods to viewing situations but can, instead, take brand-new approaches that yield unique insights. The possibilities are potentially limitless.

Other benefits of breaking the mold: cost, development, and security

Beyond analytics, other benefits arise in the areas of cost, development practices, and security. In all of these cases, the ability to take a fresh approach opens up new possibilities. 

  • Cost: While conversation often centers around how new technologies offer the opportunity to lower costs, the complete picture of cost is more complex and also includes the corollary to cost: new opportunities. Put another way, leveraging dynamic cloud capabilities such as elastic compute to improve data analytics can not only lower costs but also make existing and future efforts more productive.
  • Development practices: the introduction of new technologies and techniques can foster changes to development practices that create a positive feedback loop where learning and success are continually refined, enhanced and rationalized. Managed effectively, the introduction of new protocols and procedures for development will produce profound and sustainable innovation cycles.
  • Security: the grim reality of existing data infrastructures is that they have grown piecemeal over time with little or no access to the best-in-class cloud security tools and capabilities that can be deployed during curation, production, and usage of data. A fresh approach offers the opportunity to rationalize and modernize these practices and, as a result, both heighten and tighten data security.

Unlock the potential of new data opportunities

The data revolution offers tremendous opportunities for firms to generate new insights through advanced data analytics, but the possibilities don’t end there. A carefully designed and executed digital transformation plan can also generate related gains with costs, development practices, and security, along with many other benefits. For a more complete picture, download our white paper, Breaking the Mold to Become a Digital, Data-Driven Leader in Financial Services.

Companies seeking to accelerate performance rely on Maven Wave for innovation-driven digital transformation. Maven Wave delivers strategy-led, results-driven business solutions powered by cloud computing. To learn more, contact us now.

About the Author

Andrew Dunmore
Andrew Dunmore
With over 15 years of solution delivery experience, Andrew Dunmore leads the financial services consulting practice at Maven Wave. Mr. Dunmore is one of Maven Wave’s thought leaders in capital markets innovation and delivery excellence. Prior to Maven Wave, Mr. Dunmore served as a Vice President at Bank of America in their global private equity investment office and an Assistant Vice President at LaSalle Bank in their credit derivatives servicing division.
February 3rd, 2020
FINANCIAL SERVICES

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2020-02-05T09:53:46-06:00