The business value of data
Finance is data. The successful banking business collects, manages, analyses and understands its data, using it to enable its customers to achieve their financial goals. Embracing digital (which increasingly means mobile too) as a transformative business driver is no longer merely an option – it is critical to maintaining and enhancing the competitive advantage. Digital is data.
Success depends on creating a more agile business model, and making sure the existing business and systems do not hinder the new model from thriving. Legacy systems are not going to go away, so they need to be integrated into the new structure. In the short term, this may mean transitioning to a 2-speed IT architecture, with layers over legacy systems enabling improved visibility and analysis and interoperability with new systems.