How Banks Are Missing the Mark With Data Management

Banks have access to an immense amount of customer data and transactional information due to their involvement in digital transformation. However, many financial institutions struggle with effective data management, which is crucial for maintaining customer trust and satisfaction. Legacy systems often hinder banks' ability to handle the growing volume of data and make data-driven decisions quickly. To improve data management, banks should simplify their data architecture, minimize fragmentation, and decommission redundant systems. Additionally, implementing a distributed database management platform can help banks provide customers with modern apps, meet regulatory requirements, and prevent fraud by offering real-time graph capabilities and enterprise-grade security.