All banks are data driven, from how they understand their customers and what they offer them, to how they manage their performance and security, how they manage their risk and how they report to regulators is data driven.
However, unless they can merge data from multiple systems, maintain its quality, store it securely and make it available to multiple users many ways, a bank will struggle to make the correct decisions necessary to manage the business successfully. Failure can cause missed business opportunities, failure to grow, fines from regulators for non-compliance, and credit or fraud losses that could cause the bank to fail.
This section will discuss how Operations and IT create the platform for a data driven bank to use its customer and operational data to understand and manage its business and customers.
We will examine three data storage options:
We will also consider how banks are taking advantage of cloud computing, how they access the data stored in their data repositories and the differences between data warehouses and data marts.