Data-Driven Banking in the Digital Era

Jerry Silva, Research Director of Global Banking at IDC Financial Insights and Mihaela Risca Financial Services Content Marketing Director at Pure Storage discuss data-driven banking in the digital era. In the wake of the 2008 financial crisis, consumer trust and loyalty in global banking dropped more than 50%. Better mobile devices, higher bandwidth, stricter regulation, and the rise of agile FinTech competitors all placed immense pressure on the banking industry to undergo digital transformation. In order to compete and regain trust from the consumer, the global banking sector has had to digitally transform customer experience across its physical branches and its mobile and online presence with new technologies like AI.

New products needed to be created to compete with lending and payments markets dominated by FinTech. Automation tools needed to be implemented to streamline banking processes. And at the core of all these verticals, banks are in dire need of modern data storage infrastructure, capable of delivering the agility, efficiency, and security needed to process and analyze banking data at petabyte scale. Pure Storage offers a suite of data storage solutions that are uniquely suited to meeting the big data analytics infrastucture requirements of global banking center.

The competitive advantage you get from big data is tied to your ability to turn it into a digital banking asset. Mihaela highlights three key ways in which Pure delivers value to the financial services industry:

1. Consolidate: Eliminate data silos and store all the data you need in one place.
2. Connect: Access better risk analytics across asset classes, products, and other silos for better collaboration across the organization.
3. Accelerate: Grow top line through faster innovation thanks to infrastructure support for quicker service delivery, real-time analytics, tighter customer feedback loops and faster DevOps pipelines.

In this way Pure Storage can deliver a Modern Data Experience to help banks regain trust in the consumer and maintain a competitive edge in the ever-evolving world of the financial services industry.