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.
