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We all know the age-old saying: “Knowledge is power.” It’s still true, perhaps more now than ever.
I’ve noticed that the more data regulatory bodies require us to create and archive, the more access we have to new information about business, clients and assets.
It’s time to make use of this vast repository of data to create a seismic shift in the way we work.
Data becomes more valuable when we organise it in a structure that includes:
Wise banks and other financial organisations are offsetting the cost of compliance with virtualisation and consolidation of applications and putting the savings back into the business, creating even more opportunities.
According to EY's Global Banking & Capital Markets report, John Gerspach, CFO, Citi said: “Of the US$2.9 billion expense savings that we’ve gotten through our efficiency efforts, approximately 50% are being consumed by additional investments that we’re making in regulatory and compliance activities.”
We can now pinpoint the profitability of business lines and clients in ways that were not previously possible, but two levels of support are needed to make this work in the wider business.
A well-defined approach that matches the needs of individual business lines, as well as the wider business can be supported with accessible data used to identify the profitability of business lines and clients.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ruchi Rathor Founder at Payomatix Technologies
06 September
Alexander Boehm Chief Executive Officer at PayRate42
05 September
Erica Andersen Marketing at smartR AI
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