Podcast: Banking Applications for Digital Transformation Consulting Services

On this episode of Weaver: Beyond the Numbers, James Mihills and Jason McBride discuss digital transformation and automation strategies that offer leaders the necessary approach for understanding client preferences, reducing manual errors and increasing the customer experience as financial institutions work to overcome data overload.

Key Points:

• Overcoming data overload is a major challenge within financial institutions.
• Data governance is critical for ensuring quality data input and defining data owners across businesses.
• Customer data strategies help leaders understand client preferences and needs which reduces manual errors and increases the customer experience.

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00:00:00

James: Welcome to Weaver’s Beyond the Numbers. I’m James Mihills. I am a partner in Weaver’s Risk Advisory Services practice, and I am joined today by Jason McBride, who is a director in our Digital Transformation and Automation practice. Jason, welcome.

00:00:18

Jason: Thank you very much for having me. Excited to be here.

00:00:21

James: Today Jason and I are going to be talking about data and automation in the financial institutions space. Jason, what are some challenges that you see institutions facing in this area?

00:00:33

Jason: Well, I think number one, if I think about one of the most consistent themes that we have, it’s just data overload. You know, nowadays there’s so many different applications and databases producing data. The data is almost limitless and the leaders I talked to want to know, “How do I stop being so overwhelmed with the amount of data?” And “How do I focus through the noise about what are the most important key metrics to really run the business?” So I think that’s where it starts for me, just kind of reducing that focus area for leaders.

00:01:04

James: Yeah, it makes sense. What are some strategies that you see institutions pursuing to manage that challenge?

00:01:11

Jason: Well I think it’s a top-down approach. So a lot of the issue is, and kind of hitting on data governance a little as well, is that you’ve got all this data, but the quality of the data going in really is going to have a major factor on what comes out. So whether that’s reporting or dashboarding or those kind of KPIs that the executives are using to make decisions on the business, you have to start from that top and make sure that there’s quality data. You know, you’re doing quality control checks on that data coming in. You can automate a lot of those today, defining the data owners across the business. I think that’s one thing that causes a lot of issues is that there may be multiple data owners across a financial institution, or there may be none, and you don’t know where to go to resolve data issues. And then in the end, that’s causing challenges about getting those accurate, timely reports that you need to run the business.

00:02:04

James: So as you see institutions pursuing these strategies, is this something that they’re doing in-house, or are they working with a practice like yours to help implement these strategies?

Watch the video above to hear the rest of the conversation!