Being Data Driven with Cloud Data Platforms
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As financial services organizations undergo digital modernization, they increasingly need to meet more demanding customer expectations and aggressive regulatory requirements — all while continuing efforts to drive down costs, mitigate risks and diversify revenue streams.
Cloud adoption has been a key means for organizations to achieve rapid transformation. Yet the cloud path has also brought with it a sharp rise in data consumption volumes, an issue that calls for its own investment in innovation in terms of optimizing data access and insight extraction.
Becoming more data-driven is both a necessity and an inevitability. Doing so successfully requires a strategic approach to storing, accessing, managing and analyzing critical data. Investing in a cloud data platform can give financial service institutions the ability to quickly and efficiently process and analyze large amounts of data, reduce costs, and enhance collaboration, security, and innovation.
When it comes to financial institutions, data governance is a massive and growing concern. As volumes balloon, silos in the form of data warehouses, data lakes, data hubs, and analytics hubs can become overwhelmed and incapable of processing such large quantities. As an added woe, trying to move or integrate this data from one source to another can cause data fragmentation. There might also be restrictions on certain silos that prevent multiple users from accessing that data simultaneously, which can hinder collaboration and cross-team support. Employing various silos can also hamper security and compliance efforts when trying to protect data at scale.
The good news is that organizations do not need to struggle with pulling data from overwhelmed data silos. Singular global platforms are available in the market that can aggregate and mobilize your data, power essential workloads and allow for seamless collaboration.
Your organization's cloud strategy should be as unique as the data you collect. And because there are many ways to migrate data to the cloud, we typically don't recommend an out-of-the-box solution.
For this reason, cloud data platforms can be a customizable fit for your organization's specific needs. These versatile platforms offer a comprehensive set of tools and infrastructure for storing, processing and analyzing large amounts of data in your cloud environment, with features such as data integration, processing, storage, governance and visualization. They often use distributed computing technology to allow for the parallel processing of data at massive scales, which can significantly increase the speed and efficiency of data processing, thus maximizing its potential.
By implementing a cloud data platform, financial services organizations will be better able to leverage and monetize the vast amounts of their valuable, untapped data, with improved performance, simplicity, flexibility and consistency.
By storing and managing data in the cloud with a customizable platform, your business will be able to scale and manage data more efficiently and cost-effectively, and teams can make faster, more informed decisions based on clear, accessible insights.
Here are the five ways financial services organizations can be more data-driven and benefit from a customized cloud data platform:
- Personalized customer service with a single governed location for all types of data.
- A 360-degree view of the complete customer experience.
- Virtual redundancy to protect against data corruption or loss.
- Risk detection in real-time to effectively defend against cyber threats.
- Cost-effective investigations with scalable, flexible and affordable pricing options.
- Advanced data warehouse analytics with enhanced visualization and detection.
- Simple, cost-effective and secure data sharing, with the ability to easily add new data products.
- The ability to add on standalone data products creates the potential for additional revenue streams.
- Specialized products based on read-only segmentation.
- Faster and more reliable data streams without the need for constant upgrades.
- Secure data streams that are protected by a professional security team.
- Streamlined resources with continuously updated security.
- Seamless B2B and internal collaboration.
- Faster cloud-based processing, with fast and reliable analysis and dissemination.
- Access to cloud technologies that facilitate better sync of industry standards.
We are a key strategic partner with many global financial services institutions, supporting all stages of their digital transformation journey. These organizations rely on WWT to help discover, unlock and monetize the true value of data while supporting new business use cases in an ever-evolving marketplace.
Our experts — from data scientists and engineers to cloud architects — work coherently with our customers to deliver personalized end-to-end cloud data platforms that meet even the most demanding business goals.