Top 6 Data Management Trends in Financial Services Industry

Globally, privacy of sensitive customer data is of utmost importance. As there is a larger possibility of access to the huge tons of sensitive customer data, financial services providing enterprises take preventive measures to ensure that there is no breach before implementing any plans for data management. Data management in the financial services industry is about the system, processes and policies that enable enterprises to oversee sensitive and confidential information and ensure compliance with present and emerging regulations. Today many enterprises are leveraging tools such as machine learning and artificial intelligence to enable data management more effectively.

Top Data Management Trends in BFSI

Top 6 Data Management Trends in Financial Services Industry

Trend #1: Transparency – Customers are now more aware of the ways that enterprises collect, store and distribute their private data. Focusing on all these, transparency is now the most popular trend in the financial services providing companies, as they work to establish trust and inculcate confidence in their customers. In data management, maintaining transparency helps your enterprises to capitalize on winning customers’ trust. Almost all financial services companies focus on steps that are taken to keep their customers’ verification information more protected.

 Trend #2: Compliance Management –Compliance management is one of the growing challenges for financial services companies. Many enterprises are focusing on building compliance management programs that help IT security teams account to prevent any types of risk and ensure compliance is well maintained even with any new regulations entering the landscape. Defining compliance management programs enables employees to follow and maintain effective cyber security.

Trend #3: Facilitating a Culture of Cyber Consciousness – Employees often are targeted by various types of cyber-attacks, such as to get unauthorized access via fraudulent emails or in any other forms of communication. Training employees to be cyber-aware is vital. Employee cyber security training is the best thing that many companies are working on. This helps your employees understand how to identify and react to any type of threats they come up with.

Trend #4: Implementing AI and Machine Learning – Many enterprises have begun to capitalize on the solutions in regard to technologies such as artificial intelligence and machine learning. Mostly two-thirds of financial services industry personnel found a positive impact of AI. Enterprises can streamline data management operations which enable automation for improved efficiency and gain actionable insights by using Best Master Data Management Platform to focus on improving workflows and addressing any security gaps.

Trend #5: Third-Party Vendor Risk Management – Enterprises can streamline their operations and provide a better experience for their respective customers by working with third party vendors. It is vital to note that any threat to your vendor’s cybersecurity is a threat to your own enterprises as well. Hence third-party vendor risk management is of utmost important component of any successful data management in the financial services providing companies.

Trend # 6: Customer-centric approach – Personalization is one of the popular trends in the financial services industry as customers now expect a tailored recommendation based on their unique needs and requirements. With the use of data governance strategy, enterprises are always embracing new and innovative ways to meet the customer’s choice wherever they are and ensure that superabundant amounts of data are well protected.

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Data Management Trends in Financial Services

Top 6 Data Management Trends

Financial Services Industry