Digital distinction will be central to the continued success of established financial institutions that grow through acquisitions and compete with the new wave of digital native businesses
While digital transformation projects are already underway in the financial services industry, many companies are still left with masses of legacy data. According M-Filesa global leader in information management, unless serious steps are taken to manage legacy data, many will continue to suffer from content chaos.
Ville Somppi, Vice President of Industry Solutions at M-Files, said, “It may seem counterintuitive, but over the past few years digital transformation, while essential, has left many organizations drowning in data. instead of a panacea as promised. For many financial services players, the most important way to attract new business will be through “digital distinction”, a major concern for many in the sector.
“There has to be a better way for financial services organizations to stabilize their data, allowing them in turn to optimize efficiency, smooth out potential M&A projects, and create that digital distinction that so many people are looking for. We see three fundamental pillars that any business should look at. »
- To access
A typical problem that many companies and departments face after a merger is that of legacy systems. Access to all systems may not be available to those who need it and institutional knowledge of how this data has been organized is often a casualty of mergers and acquisitions as staff are moved or leave the company .
The first step to taking control of this legacy data is to have universal access, regardless of repository. By using repository-agnostic federated access, legacy data can stay where it is while enabling a smarter, more deliberate data migration effort.
- The context
For years, businesses have relied on static, folder-based structures to resolve and explain a document’s classification and history. But as data accumulates and businesses continue to evolve, this traditional, static way of managing information no longer meets the needs of knowledge workers. When searching for information, you shouldn’t need to know or remember where a document is stored, just what it is, what it’s related to, or who last worked on it.
This metadata-driven approach can be applied across repositories and legacy data, tagging content with more context and dramatically reducing search times when you get a complete 360-degree view of your data. The same approach can be extended to apply business rules and actions based on document metadata, such as reviews, permissions, or retention schedules.
Having access to all your data and being able to organize it according to end-user role or business context enables intelligent use of automation. AI and workflow automation can help minimize human error and mitigate risk in regulated industries such as financial services and in their compliance-focused processes and protocols. This will have a profound impact, driving efficiencies across the business.
Streamlining business processes while easing the burden on staff and allowing them to focus on more qualified requirements will help companies ensure compliance and deliver not only better staff satisfaction, but also an improved customer experience.
“We believe companies that use these simple pillars will benefit from efficiencies, achieve smooth mergers and acquisitions and, given that they no longer live in content chaos, will be able to have a truly distinctive impact on the Moreover, according to a study commissioned by Forrester Research, companies that take this approach can expect to see a 40% productivity gain and 270% return on investment.
“Put your data assets in context with the use of metadata, drive automation using AI, and ensure easy access to all legacy systems and structures through repository neutrality. Businesses can face very choppy waters, so your data needs to work with you, to mitigate risk and drive your growth,” concluded Somppi.