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.

Data Warehouses, Data Lakes and Data Mesh

We will examine three data storage options:

  • Data warehouse – the traditional approach that was developed for business and regulatory reporting;
  • Data lakes – a solution for the problems that data warehouses face because of more dynamic use of data;
  • Data mesh – an emerging solution that may replace data warehouses, data lakes and data marts in the future.

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.