02.21.25

Major Tech Overhauls Not Needed to Transform Financial Firms' Data Strategy

by: David Evans

The banking industry can transform its data strategy by promoting data-driven leadership, thus eliminating the need for enormous technological overhauls, according to a new report from Marquis. The report calls for a strategy that combines employee training and cultural transformation in order to improve operational efficiency and deliver more personalized customer experiences. Collaboration among different departments and standardized data practices are critical to such an approach. The report also suggests establishing clear responsibilities for data stewardship bringing into being accountability mechanisms to ensure data quality remains high. A "hub-and-spoke model" enables centralized data governance teams to work with departmental owners of data to keep up standards while allowing for flexibility.

Read the full article on The Financial Brand