The rapid pace of technological change presents new opportunities as well as challenges for financial services firms. Not surprisingly, the customer will be at the center of this dilemma. Today’s customers expect more, expect it more quickly, and expect their financial assets and personal information to remain safe and secure. Financial institutions unable to meet these demands will struggle to remain competitive.
How We Can Help
Data Security and Privacy
Anyone who has watched the news over the past couple of years is aware of the havoc that a security breach can have on a business – especially a financial services entity.
Information Alliance has managed multiple projects tasked with protecting sensitive company data (e.g. who has access, where it is stored, how it is secured, how long it should be retained). We have implemented technology-based solutions to prevent unauthorized access to company assets, prevent unauthorized access to customer data (risk-based authentication), enhance identity-proofing procedures, and enhance user-authentication processes, including multi-factor authentication (MFA) and identity federation.
Leveraging Big Data
Big data provides both opportunities and obstacles for financial services firms. However, sorting through terabytes of structured and unstructured data for useful information is no small undertaking. It requires a robust data analytics platform on top of a powerful database platform.
Information Alliance has a demonstrated ability to transform data into useful information, facilitating enhanced decision making, and improved operational performance for our clients. Our consultants have a proven track record of helping financial sector clients leverage their information assets to increase operational efficiency, reduce risk, and improve competitive advantage.
Understanding the Customer
Having a “360 degree view” of a customer is more important today than ever before. Purchasing patterns, financial obligations, preferences, income history, etc. are all important attributes in determining how to secure a customer, and more importantly, keep a customer. But, how to obtain this holistic view is the challenge.
Information Alliance understands this challenge, and has developed data integration models and business analytics solutions for companies within and outside of the financial services sector. These models/solutions span multiple data sources and require detailed data mapping, cleansing, and transformation rules to develop a comprehensive view of the customer.
Digital Transformation
Establishing and then maintaining a competitive advantage requires embracing technological change. This extends beyond basic mobile app accessibility. Standard banking tasks, marketing campaigns, branding, and the overall customer experience require financial services firms to keep pace with technology and market shifts. But, which aspects warrant the greatest attention?
Proper evaluation, selection, and prioritization requires development of detailed business cases, tool evaluations, and eventual assembly and management of a portfolio of technology initiatives. Information Alliance project and program managers can bring a wealth of experience to these types of engagements.
Compliance Management
Financial services providers need to focus on business growth as well as compliance objectives. The latter is intended to mitigate regulatory, compliance, and ethical risks.
Effective compliance programs require careful analysis of regulatory requirements, determining the necessary compliance data to collect and monitor, and development of controls and monitoring processes to ensure requirement compliance. Information Alliance has led multiple, full-lifecycle implementations of regulatory compliance management solutions. We are experts in this area.