Episode 3: Required Data for Financial Services

The transition to digital business has caused profound changes in some industries, and financial services is one of them. Not only are traditional financial companies using data and technology to change the game, many “FinTech” startups are using digital products to displace traditional players. This podcast features Peter Ku. Vice President, Chief Industry Strategist, Financial Services, Informatica. He shares his knowledge, expertise and experience to help the financial services firm become data-driven.

Financial services firms are rapidly moving to deploy a “data platform” that is the basis for identifying ways to improve processes and enable them to take advantage of new opportunities. The data platform supports several important initiatives in this area:

• Support new product development by using data to identify opportunities where current services are unavailable or unattractive to customers.
• Improving the customer experience with more relevant content and a personalized experience based on information about that customer’s activity.
• Improving risk, governance and compliance with a comprehensive view of the data contained in processes and interactions so that it can be secured and protected against these regimes.

The use of data platforms to promote new products and meet customer needs is already beginning. Perhaps the most notable of these efforts is personal auto insurance. Drivers can choose coverage based on price or needs. The ability to “personalize” your policy and fit it into your household budget has changed the industry.

As financial services companies build their data platform, they will use it to innovate and create new competitive advantages. Informatica is contributing to this trend with its Intelligent Data Management Cloud, an end-to-end data management platform that enables financial services firms to combine data from multiple sources or applications to derive insights that drive business success.

Intelligent cloud data management is an important tool for making data “business-ready” in the financial services industry. For more information on how you can create data that drives business success, see: https://www.informatica.com/solutions/industry-solutions/financial-services.html