Technological innovation is increasing the pace of change within the finance industry and competition is steep, with new companies entering the marketplace all the time. Organisations are also seeing the benefits of taking a whole new approach to data – the story below from Dutch bank ING highlights how top-level cultural change is essential to get the most from these technologies.Here at Coeo I see how data management and analytics are a vitally important part of this transformation, as finance businesses face unique challenges around risk, customer protection, regulatory control and scale that mean they need to take a different approach. Data also underpins many operational and commercial opportunities, as it’s impossible to improve security, speed, personalisation or collaboration without having a modern, scalable finance data platform in place. The stories in this month’s update focus on how a forward thinking approach to data can help ensure competitive advantage, whilst those who have not considered this face concerns around security, business disruption and potential fines.
I’ll be posting regular updates on data-focused topics and news within finance on the Coeo blog and the next one will look at security. I’d love to hear what topics you would like us to cover in future, your thoughts on these news stories or anything else finance you’d like to discuss.
Latest data news for the financial sector:
Tesco facing multi-million pound fine after ‘biggest security incident in banking terms’ hits online customers:
London Matters: Accenture on the actions required to secure the future of the London insurance market:
Dutch bank ING to spend millions ‘disrupting its own business’, using technology to achieve global scale:
Covéa Insurance slashes reporting time through implementing Microsoft Analytics Platform System:
Digital disruption and cybercrime are the two biggest concerns for financial institutions according to Lloyds Bank Commercial Banking study: