Since the financial crisis of 2008, banks have invested billions of dollars on enterprise data management (EDM) initiatives - primarily driven by regulatory demands. But as data priorities have changed to support new, growth-oriented data initiatives and AI, data platform and data management needs have also changed.
If data is considered the “raw material” of banking, data management is the “scaffolding” framework within which banks can elevate the value of their data assets through sound governance and good technology decisions. As banks assess their future-state data architecture and platforms, they must also consider how data will be managed and governed under enterprise policy and standards – and what tools will enable this. From data cataloguing and managing metadata, to tracing data lineage, to measuring and managing data quality, banks have a broad range of vendor solutions to choose from, including innovative business solutions that can improve data quality at source.
Whatever their data ambition, banks must understand the drivers and opportunities for detangling data - plus the art, science, and the available solutions to support this transformation.
Celent subscribers may also wish to download the following pair of reports that more broadly cover banking data strategy for business, data insights, and product managers:
Oceans of Data: Recognizing the Perils in Corporate Data Transformation
Navigating to Value with Corporate Banking Data: Recommendations for Managing Data Strategies
