Alfonso Cahero, Chairman, Founder and CEO at Cahero Holding, spoke about Achieving Data Excellence in Financial Information.
Alfonso Cahero is the Chairman & Founder of Cahero Holding. He has a Ph.D. in Economics and Finance specializing in Banking, Corporate, Finance, and Securities Law, a Specialization in Financial Technology, and a Ph.D. Architecture and Engineering.
Financial institutions have accumulated large quantities of valuable data and metadata. The levels of data management and maturity in terms of how they utilize that data differ from one organization to another.
For many organizations, data still resides in different data stores within the enterprise. Discovering, consolidating, and integrating that data in a way that increases its relative value remains a challenge. Any organization should have a goal of achieving some level of data excellence regarding how they manage what has been accumulated.
Data Management Strategies for Complex Data
Financial services firms deal with many forms of information and have done so for a long time. But new business needs can often outstrip what the current application portfolio can provide.
A frustrating situation arises where the relevant information is out there, somewhere. The issue is that it’s either not in a useful format or easily connected with other pieces of information.
This is particularly true when it comes to customer information. Essential information can be locked away in multiple, incompatible legacy systems. Important customers see elongated response times and associated frustration. Costs and effort escalate. Compliance and reporting risks increase.
The Benefits
A review of case studies where organizations have created a unified customer information platform shows a related group of benefits – which we collectively call data agility.
- Sub-second responses for frequent queries.
- Dramatically improved query results: more accurate, fewer misses, and better context
- Reduced developer backlog for new requirements.
- Improved security posture with simpler compliance reporting.
- Improved ability to create newer applications that easily use all available information.
- Bringing new insights to analytical and machine learning efforts.
Data Operations Will Migrate to the Cloud in the Next Three Years
Cloud migration is still an important step for many organizations. And while most companies are now leveraging cloud-based tools in some capacity, not every organization is currently leveraging cloud capabilities for their data management initiatives. But customers are now demanding more of financial institutions, and several in-demand capabilities can only be leveraged through cloud-based data management.
Further, there is mounting evidence that cloud-based processes are not only safe but also highly effective when the organization needs to scale its computing powers. Instead of bringing in more computing power onsite, the company can simply enlist more resources from its cloud services provider.
Conclusion
Although the respondents are focused on different types of benefits from the technology, it’s clear that cloud-based data analytics combined with AI solutions will be the key drivers of the financial industry’s data strategy in the coming years.
Most organizations have already achieved a healthy level of data maturity, and they are working to take advantage of new opportunities to reduce risk, increase revenue, and improve the customer experience.
Learn more about Alfonso Cahero, his expertise, and exclusive services offered by his business conglomerate Cahero Holding.
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Media Contact
Company Name: Alfonso Cahero
Contact Person: Cahero Holding
Email: Send Email
City: Miami
State: Florida
Country: United States
Website: https://www.cahero.com/