The ability to use data for competitive advantage depends on a healthy data metabolism. That means getting the right flow of data and insights at the right time and speed to optimize decision-making.\r\n
Transform to evolve
For many banks, reaching their customer-data destination may require them to first take a virtual step sideways, in order to transform their core systems. A bank that fails to do this may find the path to creative evolution blocked.
Most banks will need to transform their core bank systems so that they’re able to better transact, manage risk more dynamically, conform smarter and offer efficiencies to reduce system debt and release costs. These goals may require actions that include moving some systems to the cloud, automating others, and even replacing and updating some legacy systems or be smart when sweating assets.
There’s another issue that banks need to be aware of. The same data that empowers banking customers also makes it easier for them to switch banks. Customers can move from bank to bank, jumping between different products. And because they can quickly onboard those products, once they’re done, they can simply throw them away. Clearly, a balance needs to be achieved.