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Turning data into revenue: A winning solution for banks

 

10 MINS READ

Jesal Kapadia

Domain Consultant, Banking and financial services

Highlights

  • The data-rich banking industry is subject to strict regulations. Also, secure data archiving is a significant liability for banking institutions.
  • The rising number of fintech unicorns, offering easy access to finance for a larger population, combined with advanced technologies, helped generate terabytes of data, and analyze consumer behavior. 
  • However, traditional banks need to overcome a few key challenges to tap into the benefits of leveraging data—as a revenue generator. 
  • As new regulations contemplate promoting a shared data infrastructure in the banking and finance industry, banks can build on the advantage to create winning solutions.