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TDWI RESEARCH
Best Practices for a Modern Data
Layer in Financial Services
By David Loshin
Six steps for data layer modernization:
Identify data accessibility gaps impeding
competitiveness
Acknowledge the need for a consistent
omnichannel customer experience
Envision information models for real-time
business processes
Consider ways to accelerate adoption of
modern computing services
Embrace data platforms supporting
low-latency data accessibility
Incorporate an operational data layer
designed for nancial services organizations
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O
rganizations solely relying on legacy
systems, especially in the nancial services
industry, are facing increasing challenges
affecting current operations and competitiveness.
Limitations in accessing and integrating data across
the systems supporting different lines of business
due to system complexity and data latency impact
obligatory reporting and diminish the ability to
address customer-facing needs (such as real-time
personalization and recommendations, and fraud
monitoring, prevention, and alerts). Because these
limitations ultimately contribute to market erosion
or missed business opportunities, organizations are
increasingly considering modernizing their legacy
transaction processing systems.
Digital-savvy millennials, whose banking
experiences are limited to virtual interactions
via smart devices, expect full integration among
an array of different applications and interaction
patterns with their nancial service providers.
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