Why Banks Can No Longer Afford ‘Data Ignorance’

The financial institution and banking industry face immense pressure during digital transformation due to customer expectations, regulatory demands, and competition from app-only banks. Data management is crucial for success in this sector, with BFSI organizations turning to data experts like Chief Data Officers. Capital One and Macquarie are examples of banks that have successfully implemented distributed cloud databases for efficient data management, real-time customer interaction analysis, and exceptional user experiences. Additionally, financial firms need robust security measures, such as linear scalability, masterless architecture, end-to-end encryption, and built-in enterprise-grade security to protect customer data and meet regulatory requirements like the GDPR.