Data agility for uncertain times in financial services
Financial institutions continue to seek growth while managing cost, but new regulations combined with a dynamic political environment make the future uncertain. New market trends and capabilities, driven by developments such as digital, Internet of Things, robotics, and new data sources from social media, make the path forward more challenging to define. Organizations should be more skilled in organizing and structuring data to enable agility, as information management becomes an even more important competitive advantage moving forward. Do nothing, and firms run the risk of being out of compliance or losing customers due to lack of innovation.
In order to fully realize the value of information, data should be organized so that it can be efficiently stored and retrieved. However, traditional approaches require that all the data has to be captured and analyzed before the information can be structured. Business lines are frustrated with how long it takes to realize value, as well as the painful re-work required to absorb change.
Firms need a more creative and modern approach—one that provides flexibility to incorporate new developments as they come along, an approach that can begin with incomplete knowledge of what will be required. Several traditional and tested approaches to organizing and structuring information such as relational data modeling have been in place for a long time and it may be time to rethink available options. We’ll discuss how financial institutions are taking on this challenge and how your organization can prepare for capabilities of the future to better manage data in uncertain times.
PwC's Analytics practice can help grow and innovate your business
Organizations are tapping into increasingly sophisticated analytics techniques to improve opportunities for growth, innovation and competitive advantage. Executives trust our industry depth, functional breadth from strategy to execution and independent, technology-agnostic point of view to help them apply data driven insights across the enterprise, including financial assurance, tax, technology, operations, customers, human capital, risk, regulatory and deals.
