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Digital Transformation

Highlighting the power of data to drive innovation in the finance industry

by Mike Jones in Data Analytics 10/11/2021

Unleashing the power of new data cloud solutions requires a smarter approach towards BI. For those operating in the financial services industry, Snowflake has become an established leader. The cloud-data platform is already used by approximately 6 out of 10 of the financial industry Fortune 500 companies. Now the business is looking to introduce a new financial services data cloud, a platform that integrates industry data and governance capabilities, including a range of customer solutions. By combining financial data and industry-specific tools into a single platform, Snowflake intends to support further innovation, collaboration and drive a new wave of fintech products.

For financial services businesses, connectivity is important, but to make the most of these new offerings, businesses need to explore ways to really put their data to work effectively.

Tell your story

Don’t assume that having large data sets means your business is smarter or will lead to better decision-making. Instead of having data spread across several platforms and lost in silos within your business, a new cloud solution let you access and deploy data where and when necessary. 

Connectivity and access to data represent only one of the challenges; you have to be able to use your data effectively. In reality, only a small fraction of financial employees appreciate how to use data effectively. For many, data tends to become overwhelming and complicate workflows or possibly be ignored altogether.

To unlock the value of their data businesses need smart systems that enable them to access data and allow for impactful storytelling tools to support managers, users and customers find value and meaning in their data. Individuals need data infrastructure that facilitates, rather than distracts from the creative process.

Personalise your data

This is particularly important for financial services businesses because when money is involved there is a potential risk that data can act as a barrier between a business and its customers. Providing people with numbers doesn’t necessarily empower them to make better decisions. It can lead to an assumption that customers will defer to what the data says without really comprehending what the information means.

New cloud solutions bring data closer to the customer and the related teams but we need storytelling tools to reveal the value and meaning within data and to be able to deliver real insights. Data’s value often comes down to the way it is used in genuine human interactions. Including a data storytelling element enables employees and customers to relate to information more freely and integrate it into workflows and other interactions.

Applying your data effectively

As new financial services data cloud gains momentum, businesses can use their connectivity to support data storytelling. We’ll see more benefits including, an accelerated path towards fintech innovation, smarter and more accessible data products and more effective collaboration. 

Using data efficiently is a multi-step process. Businesses have invested time and money collecting data from other sources and spent even more moving data into the cloud. Modern cloud systems are enabling organisations to unify their data systems and make them far more accessible.

The businesses that will lead the financial services industry will continue to innovate and utilise new cloud solutions. Today’s world is more connected, and data is far more accessible. To utilise the true potential of data we need to dedicate ourselves to innovation, leveraging and communicating our data. This means developing ways to make data more accessible to everyone and finding creative ways to tell compelling stories with it.