Coming into 2020, the data landscape was already subject to significant transformative forces, notably around increased expectations on data privacy, continued internal pressures to reduce costs and additional customer demands for new services and digital offerings.
COVID-19 has now ushered in unprecedented disruption, impacting not just customer and employee health and safety but also business continuity and the financial system as a whole. In times of crisis, particularly of this scale, it is a challenge to plan beyond the next few weeks, let alone months. However existing data challenges will not disappear in the meantime – in fact, COVID-19 only re-emphasizes the need to address them in the most diligent and forward-looking manner possible.
Moreover, the pandemic brings into sharp focus new challenges for financial institutions. The proliferation of digital channels/offerings will continue, if not accelerate – and data organizations will play a critical role in helping the industry respond to this market dynamic in an effective and efficient way.
At the beginning of the year we identified 12 key data trends in 2020 impacting near-term regulatory and cost challenges as well as strategic, revenue-generating objectives. In this article, we’ll re-visit our data differentiators, how they have shifted in the last few months and how they also remain more relevant than ever.