Implementing technology to support a bank’s data strategy is a complex task. The complexity is twofold: first – several technologies are introduced at the same time; second – this creates a need to drive cultural alignment toward the solutions within the organisation. In this article Anna Pajor, GreySpark Partners Capital Markets Intelligence practice lead consultant, shares her observations on the implementation of technology to create a data-driven bank.
For many investment banks, justifying investment in new technology is not a straightforward task because the main benefits from the effort that the task demands are intangible or are expressed as opportunities rather than as immediately profitable business benefits. Instead, the benefits of the new technology are observed over several years and, in cases of visualisation tools and Big Data – as with any disruptive technology – the benefits cannot be fully appreciated while the technology is still maturing.