Strategic Imperatives for the Data-driven Bank


A Comprehensive Data Strategy is Crucial in the Age of Data-driven Banking

Strategic Imperatives for the Data-driven Bank outlines the strategic principles of data management that are necessary for investment banks to stay competitive as increasing volumes of data are created by trading activities and client interactions. Strategic data management – using data to gain a competitive edge – is an imperative that, if ignored, will threaten a bank’s survival in the years to come. Data must become an asset because, if properly managed, its effective use can create competitive advantages.

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Banks must act now to implement a dynamic data management strategy to prepare for the shift from relationship banking to information-driven banking. The sooner a bank begins implementing its data strategy, the easier it will be for that bank to affect this shift. Increases in the volumes of data seen in recent years will not abate, so it is critically important that banks carefully develop a strategic response to the organisational and technological pressures that the data creates. For a bank, having a strategy to manage non-linear increases in the amount of data created requires the ability to leverage reliable, timely information in order to increase revenue, facilitate change and cut costs.

The long-standing pain related to data management prevented organisations from seeing data as an asset. Those banks that have awareness of the best practices and available technologies for data management are pursuing a journey to a ‘data dharma’ – a stage wherein data management is straightforward and knowledge about the business environment is based on that data. This report presents the steps that are necessary to achieve data management maturity, and it explains how banks can achieve that maturity in four stages.

Series on the data-driven bank
Strategic Imperatives for the Data-driven Bank is the first in a series of reports that will provide banks with guidance on how to implement the strategic use of data in capital markets businesses. This first report guides banks though GreySpark’s principles for the strategic, business and technology thinking needed to ensure the exploitation of data to gain a competitive advantage. The second report in this series will focus on how banks can recast their data management approaches within the context of customer-centric, flow businesses. Technological considerations are discussed in the third report, where architectural approaches needed to realise these new types of data strategies are reviewed.

Published on: 31 Dec, 2013

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Strategic Imperatives for the Data-driven Bank – Table of Contents

  • 1.0 All Pain and no Gain
  • 2.0 Data is an Asset
  • 3.0 Driving Cultural Alignment
    • 3.1 Ownership and Accountability
    • 3.2 Data Debt
    • 3.3 A Business-wide Approach
    • 3.4 Data Stewardship: Fighting Data Disorder
    • 3.5 Building a Data Vernacular
    • 3.6 Boosting Data Confidence
  • 4.0 Enhancing Data Value
    • 4.1 The Importance of Meta-data
    • 4.2 The Golden Source
  • 5.0 Maximising Data Utility
    • 5.1 Improving Data Accessibility
    • 5.2 Canonical Data Formats
    • 5.3 Analytics and Visualisation
  • 6.0 Managing the Data Lifecycle
    • 6.1 Data Workflow Optimisation
  • 7.0 Delivering Technology Superiority
    • 7.1 Data Architecture
    • 7.2 Innovation in Technology
    • 7.3 Big Data
    • 7.4 Storage
  • 8.0 The Data Management Organisation
    • 8.1 Data Debt Reduction Reporting
  • 9.0 The Path to Data-driven Excellence