Personalisation Tailored Products
In today's rapidly evolving financial landscape, it is more important than ever for financial institutions to stay ahead of the curve and offer tailored products and services that meet the unique needs of their customers. A significant inhibitor is the traditional data architecture which relies on large monolithic data stores, such as data warehouses and data lakes, which create challenges with respect to agility, compliance with regulatory requirements and costs.
One way to overcome these challenges is through the use of data virtualization, which allows financial institutions to bring together data from disparate sources in real-time, enabling them to quickly and easily analyze and act on insights which in turn allows for the creation of more tailored financial products and services.
Data virtualization enables financial institutions to create a unified view of customer data, including information from core banking systems, enterprise data stores, online platforms, and mobile apps. This enables financial institutions to better understand their customers' behaviours, preferences and current product utlisation, and to use this information to create more personalized products and services.
By leveraging data virtualization, financial institutions can quickly identify patterns and trends that would be difficult to spot otherwise. This enables them to make more informed decisions about how to structure products and services, such as customizing loan offerings or creating new savings products that are tailored to specific customer segments.
In addition to improving product and service offerings, data virtualization can also help financial institutions improve internal processes, such as risk management and compliance. By bringing together data from multiple sources, financial institutions can gain a more comprehensive view of their risk exposure and take proactive steps to mitigate potential risks.
Overall, data virtualization is a powerful tool that can enable financial institutions to create more tailored products and services that meet the evolving needs of their customers. By leveraging data in real-time, financial institutions can gain a competitive edge and stay ahead of the curve in an increasingly dynamic industry.
Andy Thornley
Andy joined techUK in August 2022 as Head of Programme – Financial Services. His role includes leading techUK’s work in building a greater understanding of the 'technological art of the possible' in order to apply it to the reform and evolution of financial systems.
Ella Gago-Brookes
Ella joined techUK in November 2023 as a Markets Team Assistant, supporting the Justice and Emergency Services, Central Government and Financial Services Programmes.
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