CDOs Eye Offensive Approach to Data Management
March 24, 2021
data aggregation is the top compliance concern for chief data officers (CDOs)
within financial services firms, with 88% of these organizations devoting 40% or
more of their total data practice budget to compliance functions, according to
new research launched ahead of the leading data management event for financial
Eighty seven percent of executives say they are implementing strategic data
management initiatives in 2021 to further key business objectives, such as
boosting profitability and improving customer outcomes. Many firms report that
AI-driven analytical cloud services are at the forefront of these initiatives,
with such solutions enabling financial services firms to sift through enormous
volumes of data and gain a single view of accurate, consistent, and trusted
69% of CDOs say their organizations have applied data lineage as a data governance technique, and 52% have applied crowdsourcing techniques.
63% of CDOs are pursuing an analytics-driven business strategy through an offensive approach to data management.
“Advances in modern data management technology are ensuring our financial services customers can continue to meet compliance and risk management initiatives, while also enabling them to implement strategic initiatives that generate new revenue streams, enhance customer experiences, and improve operational efficiencies,” added Kuelzow.