Three Technologies to Boost Data Management in Banking
FREMONT, CA: Banking sector is all set to adopt latest software to ward off discrepancies in areas like lending, payment and money management. Santander, UK’s personal financial service company has indentified three technologies to help financial corporations in such processes, reports Penny Corsman for AMERICAN BANKER.
The financial industry is revolutionizing with implementation of new strategies along with new innovations in technology. The paper presented by Santander in association with Oliver Wyman and Anthemis Group focuses on the need for cultural change at financial institutions to leverage any of the emerging technology. This report is an effort towards making banking functions accurate and efficient.
The first step to be adopted according to the study is Internet of Things (IoT) technology. This will result in automation of large data, monitoring process and delivery information on bank assets quicker. Similar to sensors attached in cars gives you details on the condition of the car, sensors in shipping containers will keep a track of physical properties of the banks.
The second innovation is the introduction of distribution ledger that allows the bank to stock transaction record on severs in different places. This avoids the need to depend on centralized organization or system to provide information. This technology will provide payment details for instance for international money transfer, trade finance, and syndicated lending, in a flash.
Moreover, the study suggests to replace Big Data with smart data as top data management system, which in turn help the bankers to target specific problems and answer to queries by the customers. Digital technology have made availability of large amount of data, now the companies have learnt to use this data and ask specific questions like how, they help clients to reach their credit card limit, once they figure this out they can provide data accordingly. Smart data becomes a helping hand in such scenarios.
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