Transforming Tomorrow’s Data Today

Over the past few years, financial institutions have been making huge investments in order to be able to not only use data, but understand and harness its full potential. Coinciding with the many disruptions the recent pandemic made across multiple industries, COVID-19 which acted as a catalyst for rapid, urgent and overwhelming change across industries, has further increased the focus on data - leveraging data to ensure sustained operations, to harness the data to understand the behaviour of customers to serve them in a holistic manner from financial wellbeing to increased sales and leverage data to create profitable and innovative products. The role of CDOs has been crucial in aiding in the transformation of data ecosystems in response to the above business shifts, market disruptions and the innovation in technology. Throughout the pandemic, CDOs have had to lead data development so that BFSI’s can leverage data for a wide range of business functions by managing data insights strategically and efficiently. Whilst the pandemic certainly evoked a sense of fear and panic within the industry, the success of financial institutions rapidly adapting to such a impactful disruption is undeniable. The industry made many successful and important changes which aided in not only surviving the pandemic, but laid the foundation for a total revolution of the way the industry uses data, which will serve FI’s for years to come.

In response to this, Connect Global Group and Tata Consultancy Services brought together a panel of financial experts to discuss:

How can financial institutions transform tomorrow’s data?
What is to be expected of the role of data in the future of financial institutions?
What FI’s and data organisations are doing to build a strong data foundation?
What are the challenges financial institutions have faced when dealing with data and how can these issues be tackled?