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Enabling Transformation in Banking: Strategic Insights for CIOs on Modern Data and Analytics
Subject area: Science,Engineering and Technology · Area of research: Banking transformation & Artificial intelligence
Abstract
The financial services sector is undergoing fast and persistent changes because of new technologies and higher regulatory requirements. As CIOs confront these obstacles head-on they must prioritize the development of powerful data and analytics plans that secure their competitive edge and promote decision-making based on data. This analysis investigates key aspects of present-day data and analytics in the banking industry and points out the significance of a culture based on data and partnerships with tech vendors. Banks need these key components to maximize their data wealth and enhance their operational flexibility along with forecasting trends in the market. According to literature reviews their contribution to better customer satisfaction and operational efficiency along with regulatory compliance is significant. By matching their organization's strategies with these pillars CIOs can guarantee sustainable growth and preserve their competitive advantage. To thrive in a competitive landscape and promote digital change banks should unite technology with a data-driven mindset while forming valuable partnerships. CIOs gain strategic approaches and practical advice from this analysis to make the most of data and analytics. For banks to thrive in a changing market landscape and meet rising customer demands they must implement a cohesive and detailed data strategy. The results highlight the need for combining technical advancement with cultural fit and partnerships to ensure the profitable future of banking in a changing environment.
Keywords
Banking Transformation, CIO Strategy, Data Infrastructure, Artificial Intelligence, Machine Learning
How to cite this paper
@article{1706389,
author = {Sojwal Pohekar, Priyabrata Thatoi, Rohit Choudhary},
title = {Enabling Transformation in Banking: Strategic Insights for CIOs on Modern Data and Analytics},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {8},
number = {4},
pages = {159-170},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1706389.pdf},
abstract = {The financial services sector is undergoing fast and persistent changes because of new technologies and higher regulatory requirements. As CIOs confront these obstacles head-on they must prioritize the development of powerful data and analytics plans that secure their competitive edge and promote decision-making based on data. This analysis investigates key aspects of present-day data and analytics in the banking industry and points out the significance of a culture based on data and partnerships with tech vendors. Banks need these key components to maximize their data wealth and enhance their operational flexibility along with forecasting trends in the market. According to literature reviews their contribution to better customer satisfaction and operational efficiency along with regulatory compliance is significant. By matching their organization's strategies with these pillars CIOs can guarantee sustainable growth and preserve their competitive advantage. To thrive in a competitive landscape and promote digital change banks should unite technology with a data-driven mindset while forming valuable partnerships. CIOs gain strategic approaches and practical advice from this analysis to make the most of data and analytics. For banks to thrive in a changing market landscape and meet rising customer demands they must implement a cohesive and detailed data strategy. The results highlight the need for combining technical advancement with cultural fit and partnerships to ensure the profitable future of banking in a changing environment.},
keywords = {Banking Transformation, CIO Strategy, Data Infrastructure, Artificial Intelligence, Machine Learning},
month = {October},
}