Charlotte Round Table on Accelerating your 2020 Data Strategy: Recap
Many businesses have agreed that Data is the new gold, but how can financial institutions optimize their enterprise-wide data strategies with people, process, and technology in mind? Recently, Synechron’s experts in Capital Markets Data Management discussed Data Governance Strategies, Data Technology Architectures, and Data Monetization strategies to optimize operations, minimize compliance risk and bring value to the business at our Data Round Table.
Synechron’s Shweta Tewari, Innovation/Digital Head for Charlotte began the evening with a short introduction talking about the importance of Data Governance. She advised on key points critical for financial services firms to keep in mind when building their data governance strategies, with key takeaways being looking at the challenge from both a business-level and enterprise-level, and the importance of managing people, processes, policies and culture all around data.
Synechron’s Data experts then went into discussing key challenges and practical solutions across enterprise data management for banks.
Rajat Patro, Synechron’s Sr. Director – AI/ML started the conversation on Data Compliance, Regulations and Governance. On this topic, he advised that given the growth of data created at financial firms, banks and insurance firms must be strategic about using this valuable asset, and given its high value, it is vital for firms to prepare detailed data governance plans that not only keep data safe, but keeps data high quality and useable, and focuses on how data is changed as it goes through different processes – being in control of data requires an understanding of its workflow.
Rajat then discussed Data Privacy Strategy in post General Data Protection Regulation (GDPR) and Payment Services Directive 2 business environments. With GDPR requiring a new level of data privacy and Facebook just receiving a multi-billion dollar fine for compromised data privacy, regulatory safeguards in place to insure data privacy is essential. Some of the suggestions discussed to address this regulation in particular.
In terms of PSD 2, Open Banking is creating competitive challenges for banks by requiring them to share certain information with payment merchants and fintechs to level the playing field. With this in mind, there needs to be a balance between data privacy and data transparency. The round table discussed how to find this balance with key recommendations around PSD2 including how to safeguard personal customer data implementing the right data lineage and data mapping tools and creating unified data management systems to have the data organized in such a way that makes it easy to comply to rules similar to PSD2 and GDPR.
In terms of Data Privacy, Basel regulations like BCBS Standard 239, a global banking regulation designed to ensure effective risk data aggregation and reporting, has a particularly important role to play. The round table recommended moving away from manual processes and investing in the infrastructure for automated rules engines, as well as focusing on data quality and validation, as top considerations to keep in mind for successful BCBS 239 compliance.
Rajesh Kalane, Synechron Director – Technology continued the conversation with top recommendations related to Enabling the Bank’s Customer Data Platform – including best practices related to Architectures & Innovation. Rajesh discussed many topics such as Democratizing AI and Big Data, Microservices and Open API for enabling Data Marketplace, Complex event processing & actionable insights and Model Lifecycle Management (MLM Platform). He advised attendees that the main goal is achieving economy in AI and Big Data, and moving forward to be able to take action on the intelligence gained. Legacy infrastructure modernization remains a huge challenge for banks and needs to be part of any 2020 Data Strategy.
Lastly, Scott Gidley - Vice President of Product Management at Zaloni closed the evening with a conversation on Agile Analytics with Active Data Hubs. Having an enterprise scale data platform that is flexible enough to adapt to the existing infrastructure requirements and robust enough to scale is a key requirement facing many banks today. Scott discussed Zaloni’s data management platform that enables enterprises to move fast and deliver a high value on data to enable key business imperatives. He shared that customers are more agile and can move faster but still provide the trusted data needed to deliver positive quantifiable business results.
It was an educational evening filled with engaging audience discussions and new opportunities, and a small look into actionable steps banks can be taking to progress their data strategies. For more thought leadership on this topic, check out our recent Insights article Data Governance: Business Consulting Guide to Regulatory Data Governance Needed to Support Data Science Innovation Within Banks which is part of an ongoing series on the topic.
Contact us at email@example.com to learn more about how Synechron can help your bank to build its 2020 Data Strategy.
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