Big Data Operational Risk Management For Banking
Banks have been facing a common refrain in recent years, but it bears repeating: Customer expectations have changed – and you need to change with them.
The good news is many firms are starting to embrace and even benefit from change. The bad news is there’s still more work to do. Developing strong risk analytics capabilities within your organization could end up unlocking your ability to adapt to market changes by addressing longstanding operational silos that have held you back.
Change is constant
According to the Financial Brand, many banks have managed to adjust their transaction processing in such a way that they meet the needs of today’s consumers. This is real and tangible progress. However, the backend adjustments to how banks operate haven’t kept up, creating a situation in which end-to-end customer experiences fall apart once users get beyond that initial transaction level with the bank.
“Changing the back office is necessary as banks move forward.”
The report explained that changing the back office is necessary as banks move forward, and banks will need to turn their operations centers into intelligence engines in order to do so. On top of all this, it is vital to create new value opportunities in customer interactions and upgrade legacy systems that may be holding you back.
All of these problems involve data. If your back-office employees don’t have the data they need to make stronger decisions in a more timely fashion, they won’t be able to respond to customer demands as they emerge.
That’s why operations teams need to become centers for organizational intelligence and why legacy systems aren’t working any longer. Risk analytics software can provide a data hub to use across process management and automation initiatives. To do so, it’s important to first rethink how your business is siloed and eliminate longstanding operational barriers.
The reality of business silos
An Inc. report presented an interesting idea: Silos are natural and good for a business. The simple issue here is that people working together naturally develop their own processes and communications methods that help them function as a team. Over time, these groups learn to work together and become a silo. It’s why organizations often break down one silo only to see another one emerge.
It isn’t always bad to have specialist groups that work well together. The problem comes when your siloed employees can’t communicate and collaborate effectively with those outside of their immediate group. Analytics platforms can help you eliminate those gaps by streamlining data flows between user teams and ensuring that your silos can still function alongside one another, not as distinct entities.
GDS Link takes this analytics functionality to another level. Beyond providing end-to-end risk management that can provide intelligence behind tasks ranging from loan application processing to the creation of credit scorecards, we also offer application portfolio management and case management capabilities that use the foundation of risk analytics to drive operational gains.
Our platform embeds data analytics into the everyday processes your teams have to grapple with. As such, your silos aren’t isolated from each other, and your back office can become much more responsive in light of changing customer demands.
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