“FIs need to rethink data architecture while addressing data gravity”

    Also watch on:
Podcast available on:

In this RadioFinance session, senior executives from financial institutions (FIs) across Asia-Pacific discussed the challenges brought about by data gravity. As ecosystems expand and data volume increases at an unprecedented pace, FIs are making it a priority to design and build the right data architecture for real-time data streams, faster processing and advanced analytics.

Danny Mu, principal analyst at Forrester, presented the findings of a survey among 162 senior managers across FIs in Asia-Pacific on “the future of data agility in the financial services industry.” The survey revealed that improving the use of data and insights in decision-making is a priority for businesses in the next 12 months over growing revenue.

Chalee Asavathiratham, chief digital banking officer at Siam Commercial Bank (SCB), said it is crucial for FIs to rethink data architecture while addressing challenges brought about by data gravity as banking may become digital by default in as early as five years.

Colin Dinn, chief information technology officer at Vietcombank, and John Howard Medina, chief operating officer at Philippine Bank of Communications (PBCoM), shared efforts made by their institutions to build the right structures for handling expanding data. Vietcombank is building a data factory and is looking into how data can be moved into supply chain structure. PBCom, on the other hand, is setting up a data lake this year to integrate banking, market, and consumer data for decision-making.

Andreas Spanner, chief architect, Australia and New Zealand at Red Hat, shared the benefits of a multi-cloud strategy to handle expanding data, noting that this needs a consistent operating model and central policy. Christopher Tan, director of Global Partner Revenue Acceleration at Intel Technology Asia said that as technology architecture becomes hybrid, FIs must have better understanding of networking, storage, and connection.

The session concluded that banks need to redesign their data structures while strengthening data governance to address the challenges brought about by fast growing data volume. As technology architecture also becomes distributed, banks need to have better understanding of data, people, and processes.

Key discussion points :

  • FIs need to rethink data architecture while addressing challenges brought about by data gravity and integration
  • Multi-cloud strategy brings opportunities for scalable processing of data but brings challenges
  • Embedding advanced data analytics and artificial intelligence (AI) enables banks to exploit data faster

Keywords: Data Gravity, Insights, Banks, Customers, Building, Business, Cloud, Technology, Financial Services, Architecture, Capability, Question, Artificial Intelligence, Digital, Ecosystem, Challenges, View, Supply Chain, Data Governance, Data-driven

Search

View Past Sessions View all

Image
Payments Modernisation: Fulfilling the promise of speed, transparency and sustainability

In this RadioFinance virtual roundtable, leaders and practitioners will discuss the latest trends in payments transformation and delve into different opportunities to create a more sustainable, customer-centric and profitable business.

Image
APAC banking outlook to remain stable with China reopening amid ongoing inflation…

Chief economists and industry experts deliberated the outlook for global and regional economies in Asia Pacific, the dominant trends and challenges to look out for, the effects of inflationary pressures, geopolitical instability, and the…

Image
Composable designs are the future of banking architecture, allowing to build…

In this RadioFinance session, we will discuss how banks and FIs are redefining business models to be more inclusive, innovative, and resilient to volatile market conditions for SMEs. It will also highlight the challenges and opportunities…

Image
Edge finds use cases in retail and branch banking transformation

Technology practitioners and experts Colin Dinn, chief information technology and digital transformation officer at Vietcombank, Supriyanto Supriyanto, senior vice-president, strategic, architecture and planning at Pegadaian, Andreas Spanner…

Image
Opportunities for banks in the MSME sector through open finance and partnerships…

Senior executives and industry experts from some of the leading financial institutions, fintech players and technology providers in Asia shared their insights on the next phase of digitising MSMEs in the evolving internet economy and discussed…