Web Financial Group, data-driven managed service solution provider, presented their vision yesterday about “How data-driven revolution will change the future of banking” to industry leaders at the annual Financial Information Services Association (FISD) conference in New York.
Acoording to Jeremy Diamond, President of Web Financial Group US, “We are living in a genuine explosion of financial information, and at the same time, we have huge amounts of end user data that the banks put away in their DMS, but they are doing nothing with this insight.”
In order to evolve towards a more personalized, real-time, client-focused model, banks need to be organizationally and culturally prepared to adapt their approach in order to preserve their business model. Diamond noted important metrics for this effort, including: return on investment; nurturing trusted relationship with clients; and focusing on personalized products and services. Banks need to concentrate on promoting a data revolution from the inside out, culturally and technologically:
• By driving the internal forces of the bank that they want to develop.
• By changing their 100% product-based philosophy to a 100% client-centric model.
• By unifying data and information that is now in multiple systems into only one system.
The companies that are capable of giving banks a solution based on online and offline data management, and the inter-connection of data with the business, will be the true allies of the banks of the future.
During the event, Diamond also summarized key 2017 predictions for the Fintech space, based on Web Financial Group’s unique position as a partner to banks, noting:
- A shift to data science to drive change for banks & anticipate client needs
- Profound understanding of who user is engaging with the cannel
- More interconnected: what tech knows about you
- Move towards self-learning/self-healing software
- Regulation. Not just banking regulation but data protection & privacy
- Data protection & privacy needs to be normalized in order for scale to be achieved in