Alfonso Cahero achieves data excellence in financial information

Alfonso Cahero is the chairman and founder of Cahero Holding. He has a PhD in economics and finance specialising in banking, corporate, finance, securities law, and a PhD in architecture and engineering. Cahero at Cahero Holding, spoke about achieving data excellence in financial information. Financial institutions have accumulated large amounts of valuable data and metadata: the levels of management and maturity in how they use it from one organisation to another is a determining factor for its protection and performance. For many organisations, data still resides in different stores within the company. Discovering, consolidating, and integrating that data to increase its relative value remains challenging. Any organisation should aim to achieve a certain level of excellence in managing data accumulated over time.

Data management strategies for complex data

Financial services firms deal with many forms of information and have done so for a long time. But new business needs can often outstrip what the current application portfolio can provide. A frustrating situation arises where the relevant information is out there, somewhere. The issue is that it’s either not in a helpful format or easily connected with other pieces of information.

Information can be locked away in multiple, incompatible legacy systems. Important customers see delayed response times and frustration. Costs and effort escalate, and compliance and reporting risks increase.

The benefits

A review of case studies where organisations have created a unified customer information platform shows a related group of benefits – which we collectively call data agility.

- Sub-second responses for frequent queries.

- Dramatically improved query results: more accurate, fewer misses, and better context

- It reduced the developer backlog for new requirements.

- It has enhanced security posture with more straightforward compliance reporting.

- Improved ability to more unique, recent applications efficiently using all available information.

- Bringing new insights to analytical and machine learning efforts.

Data operations will migrate to the cloud in the next three years

Cloud migration is still an essential step for many organisations. And while most companies are now leveraging cloud-based tools in some capacity, not every organisation is currently leveraging cloud capabilities for their data management initiatives. But customers are now demanding more of financial institutions, and several in-demand capabilities can only be leveraged through cloud-based management. Further, there is mounting evidence that cloud-based processes are safe and highly effective when the organisation needs to scale its computing powers. Instead of bringing in more computing power onsite, the company can simply enlist more resources from its cloud services provider.

Conclusion

Although the respondents are focused on different types of benefits from the technology, it’s clear that cloud-based data analytics combined with AI solutions will be the key drivers of the financial industry’s data strategy in the coming years.

Most organisations have already achieved a healthy level of data maturity and are working to take advantage of new opportunities to reduce risk, increase revenue, and improve the customer experience.

Learn more about Cahero, his expertise, and the exclusive services his business conglomerate, Cahero Holding offers. Connect on LinkedIn and Instagram.