In today’s rapidly evolving financial landscape, it is more important than ever for financial institutions to stay ahead of the curve and offer tailored products and services that meet the unique needs of their customers. A significant inhibitor is the traditional data architecture that relies on large monolithic data stores, such as data warehouses and data lakes, which create challenges with respect to agility, compliance with regulatory requirements, and costs.
One way to overcome these challenges is through data virtualisation, which enables financial institutions to bring together data from disparate sources in real time, so they can quickly and easily analyze and act on insights that facilitate the creation of more tailored financial products and services.
Data virtualisation enables financial institutions to create a unified view of customer data, including information from core banking systems, enterprise data stores, online platforms, and mobile apps. This provides a better understanding of customer behaviour, preferences, and current product utilisation, and financial institutions can use this information to create more personalised products and services.
By leveraging data virtualisation, financial institutions can quickly identify patterns and trends that would be otherwise difficult to spot. With this information, they can make more informed decisions about how to structure products and services, such as customising loan offerings or creating new savings products tailored to specific customer segments.
In addition to improving product and service offerings, data virtualisation can also help financial institutions improve internal processes, such as risk management and compliance. By bringing together data from multiple sources, financial institutions can gain a more comprehensive view of risk exposure and take proactive steps to mitigate potential risks.
Overall, data virtualisation is a powerful tool that can enable financial institutions to create more tailored products and services that meet the evolving needs of their customers. By leveraging data in real time, financial institutions can gain a competitive edge and stay ahead of the curve in an increasingly dynamic industry.