April 4, 2022
Effectively creating a 360-degree customer view to enable customer centricity is critically dependent on effective and trustworthy data integration.
Successful efforts by organizations, especially in the financial services industry, have effectively leveraged integrated customer data. However, a combination of growing systemic complexity, increasing data volumes, and changing expectations continues to challenge the goal of attaining a single source of truth about customer data. For instance, in a recent TDWI survey, while 60 percent of all respondents felt that their MDM solutions needed some amount of upgrade, 75 percent of financial services respondents felt this way.
Financial institutions will find that aging on-premises legacy technology will hamper competitiveness with newer financial technology companies, big tech companies integrating payment mechanisms, and other emerging partnerships that leverage digitally transformed platforms.