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   Bridging the Gap: Integrating Data Silos to Enhance Financial Institution
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   by Russell Rollow The ability to access relevant, high-quality data in a
   timely manner has become a…
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 * How We Help
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     * Data Management
     * Business Applications
     * Modeling and Advanced Analytics
     * Infrastructure & Cloud
     * Low-Code Solutions
     * Knowledge Graphs
   * Products
     * Acquisition and Spend Planner (ASP)
     * Comprehensive Loan Examination and Analytic Review (CLEARFI)
     * Model Risk Manager (MRM)
     * Program Investment Manager (PIM)
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BRIDGING THE GAP: INTEGRATING DATA SILOS TO ENHANCE FINANCIAL INSTITUTION
EFFICIENCY AND PERFORMANCE



by Russell Rollow

The ability to access relevant, high-quality data in a timely manner has become
a key differentiator for today’s leading banks. Yet as the volume and variety of
data collected by financial institutions continue to grow, so do the challenges
associated with managing all that information. Data often resides in different
systems and repositories, creating silos that make it difficult to formulate a
comprehensive view of customers, operations, and risk. Extracting value from
siloed data requires integrating and analyzing information from various sources,
which can be complex and time consuming.

It can also be extremely costly. A recent study by IDC Market Research found
that companies lose 20-30% of potential revenue each year due to inefficiencies
created by siloed data. Integrating data silos within a department or across the
enterprise can provide institutions with a more cohesive and agile data
infrastructure, driving streamlined operations, enhanced customer experiences,
and a competitive edge in the industry.


BARRIERS TO SUCCESS

Financial institutions face several obstacles when it comes to breaking down
data silos. These challenges, often interconnected, underscore the uphill battle
that institutions face as they seek to harness the full potential of their data
assets:

 * High Complexity and Cost: Orchestrating data silos can be a complex effort
   requiring substantial time, expertise, and technology. Many financial
   institutions lack the personnel and resources to bring together isolated data
   sources, or they rely on expedient solutions that do not take a top-down
   approach to data.
 * Legacy Systems: Outdated systems often lack modern capabilities – such as
   real-time data syncing, API support, and cloud and microservices architecture
   – that can streamline data sharing and access. According to a Capgemini
   survey of banking executives, 95% of banks struggle to optimize growth
   strategies because of inaccessible data in legacy systems and core banking
   modules.
 * Data Incompatibility: Data stored in different silos may have varying
   formats, structures, and definitions that make integration challenging.
   Harnessing the value of this data requires data mapping, transformation, and
   reconciliation, which can demand substantial time and resources.
 * Manual Data and Business Process Steps: Manual processes can be time
   consuming and result in inconsistency due to human error. As institutions
   grow, manual processing limits scalability, hindering the ability to
   efficiently and effectively integrate data from multiple sources.
 * Lack of Data Governance and Standards: Some financial institutions fail to
   see data as a strategic asset that demands proper care and maintenance.
   Without standardized data definitions and data quality policies and
   procedures, it is difficult to ensure consistent and reliable data.


FI’S INTEGRATION BLUEPRINT

Overcoming these challenges requires a multi-pronged effort. At FI Consulting,
we take a cohesive approach that involves the orchestration of disparate data
sources, implementation of modern tools and technologies, and robust data
governance. Whether the goal is to integrate data from across an institution or
within a specific business unit, our approach to breaking down data silos
typically includes the following key elements:




GET THE MOST OUT OF YOUR DATA

FI has over two decades of experience working with financial institutions of all
sizes to unlock the full potential of their data with streamlined management
strategies, powerful technological solutions, and robust data governance. Read
on to learn more about how we strengthened data management for three clients by
breaking down data silos and deploying modernized architectures:

If you’re ready to extract more value from your data by breaking down silos,
email us at contact@ficonsulting.com or call 571.255.6900.


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