CASHING IN
and meet customers ’ changing demands . With Gartner having estimated that banks and investment firms spent US $ 623 billion on tech products and services in 2022 , it ’ s clear that many firms are getting the memo . And when businesses in the banking and finance industry are identifying where best to focus that spend , they should keep data management firmly in the spotlight .
And just why is data management so important ? Because data is the essence of most businesses – and the past few years have brought about a significant change in the way organisations must think about processing and managing that data . Today , it ’ s vital that companies can consolidate data from various applications and services – and that data needs to be accurate , complete and in real-time . Particularly in financial firms , it ’ s not possible to make accurate or appropriate decisions based on old data .
Having easy access to reliable , up-to-date data means businesses can provide better , more personalised service to customers , while also addressing issues such as fraud . Enterprises are shifting from traditional
Fred Crehan , Area Vice President , Emerging Markets at Confluent
systems of data storage and collation , such as Excel , and looking at far more sophisticated and effective systems utilising databases , apps , Software-as-a- Service ( SaaS ) and the cloud .
Allowing data to flow fluidly in real-time enables real innovation – here are three use cases from the financial sector that highlight how .
Digital payments tech
From transport to TV and mobile apps to gaming and e-commerce , people pay for almost everything digitally nowadays . The global payments infrastructure and environment have had to rapidly scale up to meet this demand – and it hasn ’ t been a simple shift , especially in view of evermore challenging security conditions and tight regulations .
Again , it ’ s all about data . Many FinTech companies , for example , are busy launching cloud-native platforms which rely on real-time data access . With so many platforms , channels and networks , fraud is now an increasing problem in digital payments and it is trickier than ever to spot and thwart because of the larger attack surface for cybercriminals to target . Accessing real-time data helps detect and block fraud before transactions are completed .
Staying secure
Cyberattacks , fraud and financial crime can all be part of the same whole , with attacks like phishing or account takeovers often the precursor to short- or long-term fraud . Because of this , fusion centres are becoming increasingly common in the drive to share information and block attacks . For this to be successful , people need to be willing to adopt new , collaborative ways of working . Traditional barriers between internal teams need to be broken down . It ’ s important that everyone , including the executive , embraces the new norm in the fight against the increasingly challenging cybercrime and fraud environment .
Traditional barriers between internal teams need to be broken down .
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