Oceans of Data: Recognizing the Perils in Corporate Banking Data Transformation, The Challenges of Developing and Implementing a Data Strategy
Banking is one of the most data-intensive industries, with data woven into every facet of client experience, banking operations, and servicing. Banks have been on a journey to create more value from the data they have, but in many cases this has not met expectations. As a result, corporate banking risks missing the boat in capitalizing on the vast amounts of data available. Perhaps it is because data is such a pervasive part of the business that deriving the anticipated step change in value is so elusive.
Common cultural and technical challenges mean that many banks miss opportunities to monetize this valuable asset. As corporate banking firms build their business data strategies, bankers must understand the perils and their symptoms, and respond to the challenges that can impede progress.
This is the first report in a series of two.