How your organisation can drive better customer experiences with data democratisation
By InterSystems
As business and society both become increasingly digital, the importance of data privacy, compliance, and risk management continue to grow. While data privacy is essential, there’s also a growing need for finance organisations to have streamlined access to data across every aspect of the business, not only to drive better strategic decisions, but also to deliver more personalised customer experiences.
A recent survey from InterSystems shows that 24% of Australian banking leaders are not confident that their organisation has a 360-degree view of their customers.[1] Without comprehensive insights, your organisation is less capable of delivering personalised experiences to customers and more challenged to provide streamlined engagement at every customer touchpoint in the organisation. To overcome this, your business needs solutions that enable data democratisation so that staff across the organisation can access the data they need, when they need it. Having the right data at the right time and in the right place also empowers your business leaders with more confidence to make smarter decisions, faster, which helps the organisation achieve greater success.
On a fundamental level, data democratisation breaks down data siloes and provides access to data for everyone within your business who needs it, regardless of their technical knowledge. It makes data easily digestible and useable for multiple purposes so that people can work confidently with the numbers for data-led decision making. This helps to create a data-driven organisation that is more capable of providing enhanced and more personalised customer experiences.
While it’s important to invest in data democratisation in today’s data-led society, in financial services it’s equally important to consider where compliance fits. This is especially the case in the constantly changing regulatory environment that requires new and enhanced levels of care around the management of customer information.
This is why solutions that prioritise compliance and security alongside data democratisation are coming to the fore in providing the exact capabilities that the finance industry needs. A secure data solution that prioritises access controls and builds security into the base of the solution, gives your authorised users access to the data they need to deliver unparalleled customer experiences without sacrificing security or compliance.
Particularly when it comes to financial organisations partnering with fintechs it can cause data headaches for both parties around access and security. However, incorporating a data management solution that prioritises both areas provides benefits not only to the organisations, but to the platform innovation and customers as well.
We understand what’s required for businesses like yours to streamline data experiences and make data more accessible throughout your organisation, all the while remaining compliant and secure. We’ve helped many organisations around the world to deliver compliant data management solutions, as well as being a robust partner to fintechs globally.
[1] https://www.intersystems.com/au/resources/empowering-line-of-business-users-through-data-democratization
