The Data Management Challenge

 Data data everywhere , not a bit to use  can become a familiar story in banks as our sources of data such as ISO20022 information , internet of things (IoT) with every edge device capable of a payment transaction and scads of video, biometric  and other unstructured data. Banks have done a good job of gathering all this data but very few know where it is or how to use it.

Here are the issues:

-Keeping up with storage and use for consumption by analysts and data scientists.

-Why is the data being collected ? Few know why and how it will be utilized and whether it can be even used . But the pile of data keeps growing because we collect everything.

-Lack of process to understand and index queries. Monitoring this growing pile from different sources also requires  indexing the most frequent data. The risk is these data lakes can turn into data swamps without a rigorous process to manage this aspect

Thank you GDPR and CCPA! By making the consumer a stakeholder in the management of their own data  while imposing real costs to banks for failing to obtain data without proper consent, having poor controls on use of data and if they cannot erase it on request , these laws have given banks the opportunity to rethink their data management strategy.