Whilst transaction data is now firmly established as a
new economic asset, financial institutions are facing several challenges to
monetise the vast amount of transaction information flowing through their
systems. Understanding those challenges before embarking on a “Data” project is
essential.
Challenges impeding data monetisation
Following regulatory requirements, most financial
institutions (FI's) have taken greater care at organising their transaction
data. The archiving, reporting and screening obligations have created many
dependencies on their ability to search through and report transactions,
whether residing in long-term archives or in production systems.
Implementations have usually been completed at department or system level and
as part of the pressing regulatory agenda, thereby often missing the bigger
picture.
Whether leveraging new "Artificial Intelligence"
capabilities or not, financial institutions have realised that monetising the
vast amount of transaction data ought to be their next ambition level.
In order to get there, financial institutions need to become
aware of four types of "Data" challenges: accessibility, visibility,
infrastructure and delivery.
“Financial Institutions have
realised that monetising [...] transaction data ought to be their next ambition
level.”
Focused approach and specialised technology are required
Data management solutions designed specifically for the
financial services industry help financial institutions adopt a focused
approach. When assessing available solutions, FI's should revisit them against
the four types of challenges as proposed below:
•
Accessibility challenge: the data management
technology solution must enable to connect to hundreds of internal systems
seamlessly
•
Visibility challenge: the technology needs to be
provided jointly with deep expertise in financial messaging in order to handle both
industry standards and proprietary formats
•
Infrastructure challenge: the ideal solution
must provide a dedicated high-performance data management layer to address all
reporting, tracking, measurement and alerting requirements
•
Delivery challenge: upgrades to such data
management solution are to be prioritised, developed and rolled out
independently from those applied on internal transaction processing systems.
FI's must avoid integrating "data" requirements within existing
processing systems.
“The specialised data
management solution should be implemented separately from the plethora of
existing and future transaction processing systems.”
The INTIX technology makes it happen
By combining advanced big data technology and expertise in
financial messaging infrastructures and standards, specialised FinTech players such
as INTIX bring the appropriate set of capabilities to deliver comprehensive
data management solutions. Business requirements related to transaction
reporting, tracking and metrics as well as exception monitoring and alerting
can all be addressed in a successful and efficient way.
Acting as an enterprise-wide data management layer, such dedicated
technology can be implemented across various business areas and, five in
particular, for transaction banks:
Once such technology is in place, the opportunities to put
transaction data at the service of your clients are only limited by your imagination
and creativity. Monetising transaction data will be achievable.
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