Thought leadership for financial services: Digital transformation
Financial services: Digital transformation
Financial technology (fintech) firms are driving significant market disruption and, as a result, more financial services organizations such as banks and credit unions must develop ways to keep up with digital first firms without sacrificing financial data security.
Digital transformation strategies for financial services organizations must prioritize a few key components. First is evaluating current processes, policies and technologies to identify areas of improved operational efficiencies and reduced costs. Through the optimization of data, stronger analytics will be able to identify current state and trends and ultimately improve productivity and operations. Next is compliance with new state and federal regulations and a focus on internal controls and cybersecurity. By strengthening internal controls, people, processes and infrastructure will be designed to further support organizational growth. For financial services firms to effectively make this digital transition, they need to create and deploy digital oversight and auditing processes that ensure digital funds and processes and being effectively tracked and monitored.
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The race to data maturity: is your business as far ahead as you think?
While most businesses understand the importance of data, few are truly able to transform it into a competitive advantage. So, what sets successful data-driven companies apart from the rest? The critical ingredient is data maturity. The higher an organization’s level of data maturity, the better they can leverage data to create value and unlock a competitive advantage. Our new global study – The race to data maturity: is your business as far ahead as you think? – takes a closer look at the concept of data maturity by comparing how business leaders self-assess their level of data maturity to how their actual programs, processes and policies stack up.
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