Advancement in technology has led to the generation of a large amount of data that has, in turn, catalyzed the data journey for all financial institutions today. In a quest to remain viable and leverage the data mine, these financial institutions have begun adopting new technologies and restructuring business in the form of a “platform-based business model.” These new business models and product innovations have, in turn, raised compliance flags.
On average, the financial sector bears a cost of $5.72 million annually on the data breach. These costs have led to data governance being the focal point for any data modernization initiative. Therefore, this has accentuated the need to modernize legacy architecture, synthetic data engineering, and DataOps.
In this PoV, we have outlined the best practices that financial institutions can implement to ensure that they not only streamline data processes to manage risk and compliance with data modernization. But also implement those data modernization strategies on the core fabrics of the data to drive business efficiency and product innovation.
Download the PoV today for insights to guide your organization’s data and data modernization strategy to support the upcoming stages of your data journey.