The pandemic played a catalyst in rapid technological growth, and innovation, driving touch-less delivery of financial services. But, data technology still remains a significant challenge following the momentum of improvement.
Finance companies have access to a substantial amount of customer data. As technology augments operations and services, many industry leaders still feel the need to fix their data. The data issues are split between connecting to customer applications and data systems. In fact, a lot of data challenges are addressed by security measures and cloud deployments. To list up more, there are many data challenges that companies face.
However, the discussion focuses on the significant data challenges and how leaders can crack them by making prompt decisions.
What matters is that data issues should be solved from its root before they affect the entire finance operations and hit worse ROI.
Significant Data Challenges
The first data challenge leading financial companies mostly deal with is from leveraging data using artificial intelligence (AI) and machine learning (ML). The consequences of data issues fall in deriving valuable insights from customers and innovating services they expect from businesses for them. Also, such data challenges occur when companies find difficulty in capturing the right data, which further affects inconsistent customer approaches. The lack of ability to connect to consumer financial applications impacts the user experience at a wider scale.
Secondly, FinTech companies face data challenges in partnerships. Business leaders find it hard to secure partnerships as the inability of data lacks regulatory compliance. The risk of complex operating processes of more established FinTech companies paves the way for more risks associated with different IT systems. In contrast, some encountered cases where partnerships failed due to a misalignment of business expectations. Such a data challenge consequence could bring the survivability concern and hinder ROI at a large scale.
Thirdly, businesses find challenges with data when it comes to managing log analytics and cloud infrastructure. These areas are highly complex and emerging challenges across businesses rapidly. This means that there’s a genuine need for FinTech companies to offload the overhead of data log analytics tools.
After all the existing data challenges accumulated here, robust solutions for them are the need of the hour for business leaders and tech experts. Find the prompt solutions stated for the above data challenges.
The Solutions
With these data challenges that financial companies currently face, the solutions to diminishing data hurdles are here, which business leaders can crack with promptness.
Innovative Data Fabrics
Financial companies need to look at their existing data management strategy to bridge the data silos and integrate them with the help of an advanced architectural approach called innovative data fabric. Data fabric transforms the existing data from multiple data sets and generates detailed insights that allow leaders to better understand and deliver valuable and personalized customer services at scale.
Smart data fabrics include business intelligence, analytics, language processing, and ML competencies. In addition, this advanced version allows legacy data sources to transform easily, thus eliminating fears of adding a new budget line for implementing smart data fabrics infrastructure.
Also Read: 3 Major Commandments for Successful Tech Integration
Advanced Cloud Infrastructure Deployment
Investing in an advanced cloud framework and taking the right measures to build cloud-first solutions are prompt decisions business leaders in financial sector organizations can take to alleviate the data challenges. One of the best ways is to adopt a hybrid cloud setup. As it’s all about advancement in the cloud, leaders can take advantage of cost-effective cloud object storage. This is a platform where data logs are easily and directly analyzed in a raw form, which also means, business leaders can take details of data using this cloud platform effortlessly.
AI for One-Shot Learning Models
One-shot learning models based on AI allow systems to learn from smaller datasets which can be leveraged to access large repositories of big data. Financial businesses targeting explosive growth should require data learning models ready to scale rapidly and seamlessly.
It’s clear that data challenges should no longer be a home to business hindrance. Instead, with the help of solutions, leaders should leverage data as a critical enabler of financial business strategies at scale. The ultimate success of data is achieving business transformation with seamless operations that cater to customers with outstanding services.
