Data Management Challenges in Banking & Financial Sphere and the Ways to Overcome Them

The financial inclusion sphere is no longer represented by banks and purely financial organizations only. The market is growing, and it provides promising places for P2P lending services, and other projects organized on the blockchain. For customers, this means greater transparency and lower cost, so in order for banking organizations to remain in demand, they need comprehensive work with data.

The Main Problems of Data Management in the Banking Sector

The modern approach to managing and storing data in the financial sector has three important problems.

The Increasing Complexity of the Storage and Data Management Approach

Corporate and client information comes simultaneously from dozens of sources – mobile apps, web sites, call centers, social networks and much more. Very often, financial enterprises are forced to store all this data in different places – locally, in hybrid and cloud storages.

 ✔ Solution

In order to have access to the entire data array in one place, as well as advanced analytics capabilities, it is advisable to create сustom database solutions tailored to the specificity of the data and the needs of each enterprise.

Lack of Links between Internal and Big Data

Globally, the data with which financial companies deal can be divided into two types – internal (customer information, financial transactions, etc.) and Big Data (great volume of partially structured or unstructured data). And it’s too hard to create a link between these two data worlds.

 ✔ Solution

As in the solution of the previous problem, it is reasonable to implement data management services, which not only combine all data in one place but also can offer such an approach to their storage and classification, to create therefore the opportunities for further fintech analytics and take into account every change and every indicator.

Lack of Control over Key Indicators

Even using the full potential of data management services, analytics is the primary goal of data collection itself. It’s important to determine certain metrics that will help measure the success of your campaigns.

 ✔ Solution

Thus, in order for the data to make sense, and their analysis yielded a result, it is necessary to make a priority of your data quality and improve the bottom line.

So, when there is a necessity for database development services, financial companies should take into account the above-mentioned pitfalls. SSA Group is ready to answer your questions and give a consultation on this issue right now!