Information Management Within The Financial Services Sector
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Information management within the financial services sector

 
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Financial institutions handle immense amounts of data.  Data is a source of significant competitive advantage for any organization.  The financial markets are faced with challenges in managing their enterprise data due to an unprecedented growth in data volume.   Financial institutions need to support business activities and decision making in a fashion that is timely, relevant, verifiable  and personalized.   The financial services industry is rapidly changing, making it more challenging  to keep up with the competition.  With a vast range of customer needs, changing regulations and growing fraud threats, financial services institutions  need  solutions that will allow them to make smart decisions quickly. It’s hard to keep track of important information and even to know which information is valuable.  The information technology available today allows these institutions to make better business decisions.    

 

Information management groups within the financial services sector are increasingly challenged to use information management networks, risk management systems and utilize business analytics tools to solve a variety of business problems such as:  

  • Gain greater visibility into complex sales channels
  • Enable self-service
  • Improve inter-enterprise information sharing
  • Track and evaluate the effectiveness of key administrative activities
  • Facilitate comply with regulatory guidelines
  • Proactively detect and combat fraud

Industry is faced with tough challenges in the form of increased competition, demanding customers, ageing work-force, growing regulatory requirements, increased frauds, managing distribution channels, attracting and retaining customers etc.    To overcome the challenges and gain strategic advantage,  institutions  need to manage data across, understand and consolidate data from multiple systems so as to derive meaningful insights.

Organizations in Capital Markets have realized the need for managing the enterprise data because of the ever increasing pressure, reduce cost and to achieve regulatory compliance.

Business intelligence solutions allows  institutions  to identify activities related to fraud and predict potential fraud before it occurs.   Predictive analytics can be used not only to reveal what people will buy, but also how effective it will be.

Budgets and plans can be embedded with predictive intelligence  to provide more accurate forecasts of future operating results.  The forecasts can facilitate driver-based budgets, or can be used as comparative benchmarks.

 

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