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Enabling business-centric data platforms in financial services - Part 1: Data mesh shows the way

Vishal Singh

Sales Director and Head, Chief Data Officer Initiatives, UK and Europe, BFSI, TCS

Prab Pitchandi

Global Head, Chief Data Officer Initiatives, BFSI, TCS

Improve agility and business innovation with a data mesh architecture

Legacy data management platforms lack the adaptability to meet evolving business agility requirements. Lack of data governance and metadata management further impedes business innovation. BFSI firms can address these challenges through the adoption of a data mesh architecture that envisages a paradigm shift for data platforms. Instead of a central data platform, interconnected business domain-centric data platforms are set up that help establish true ownership and governance of data.

Embracing the data mesh architecture will entail both business and IT changes:

  • Organizational mindset shift: Mandate business domains to own and manage the data for their operational systems, analytical, and reporting systems
  • Data platform: Require a substantially different data platform to cover the end-to-end value chain from ingestion of data to processing, storage, and data consumption
  • Target operating model: Define and implement an appropriate data governance strategy and operating model