EDM for Financial Services
Financial services are currently facing numerous challenges, such as an increasing number of regulations, consolidation through mergers and acquisitions, customer centricity and products tailored to the customers. EDM targets these challenges by setting up Enterprise Data Management programs to develop data governance and data policies, as well as metadata management to offer better data integration and consistency, and data quality monitoring to improve controls on data assets and compliance.
Data as a Strategic Asset
While many insurers have already spent and continue to spend heavily on core-system and technology modernization, most still find their efforts have fallen short of needs and expectations when it comes to information management, where their aspirations continue to be met only at a cursory level.
If data is expected to become a strategic asset, insurers can no longer continue to merely tweak existing systems and business models to clear this data management hurdle.
Stay in the game
The ability to effectively harvest and harness data across the enterprise is quickly emerging as a competitive differentiator in the broad financial services industry, and in the insurance sector specifically.
Capabilities and technology are now advancing at such a dramatic rate that players can and should strategically transform the way they amass, store, define, govern, analyze, and disseminate information. By doing so, they can realize the benefits of data as a strategic asset and successfully stay in the game.