Banking on change: Data collaboration and enterprise financial services
An app for everything? Sounds good, right? But while it might be OK for your phone, it’s actually a catastrophe for enterprise financial services organizations.
After 40 years of taking an “app-centric” approach, leading banks, insurers, and wealth management firms are now realizing that buying or building an application for every use case is actually a major threat to their future success. Decades of reliance on traditional technology delivery has resulted in the creation of thousands of data silos that are putting financial sector innovation and data protection at risk. The reasons relate to how apps and systems are built.
Today, every new technology project (compliance workflows, consumer banking apps, data visualization, process automation) requires a lengthy and expensive data integration project in order to supply it with preexisting data from other apps and systems. But data integration is not only slow and expensive; it also essentially involves the sharing copies of highly regulated financial data at scale. This exposes it to thousands of additional systems and users and vastly increases the potential for devastating data breaches.
If nothing changes, this problem can only escalate. More enterprise technology results in more data fragmentation, which in turn leads to more complex data integration projects that cost ever-increasing amounts of time and money. So what’s the solution to the “app trap”?
Join Karan Jaswal for an introduction to data collaboration, the radical new paradigm that’s the single biggest shift in technology delivery since the 1970s. Karan also demonstrates how data collaboration was recently used to create a real-time mortgage application system with automated data governance and AI-based risk predictions in just three days.
This is how your data should work. Not to be missed.
Karan Jaswal is the co-founder and CTO of Cinchy, the global leader in enterprise Data Collaboration. Karan spent over 10 years at leading global financial institutions including RBC and Citi where he was responsible for developing and launching leading enterprise solutions. In 2019, he was invited by Canada’s Department of Finance to consult on their Open Banking consultations and is a regular contributor to the Canadian Council of Innovators who work with public policy leaders to optimize the growth of Canada’s innovation-based
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