Data is one of the Financial Services and Insurance (FSI) industry’s greatest assets and at the core of every decision these organizations make. Yet many find themselves unable to sift through the overwhelming volumes of data to find the one piece that helps them make the best decisions. According to Forrester Research, in 2020 the average person created 1.7 MB of data per second, and by 2025 global cloud data storage will exceed 200 Zettabytes. The sheer quantity of data necessitates that not only should FSIs move to the cloud, but they must also learn to truly live on it. A solid industry data cloud strategy is the critical step to getting there.
Industry data clouds are business-driven and technology-led. They focus on industry processes and tools that help FSIs address challenges specific to their industry. Industry data clouds provide a foundation for innovation that helps FSIs get products to market faster, reach new prospects, and provide better service. Collaboration is key, as procuring data from a wide variety of sources will provide a more complete view of the customer, enrich internal data, and help bridge silos.
Industry data clouds allow FSIs to pull data from many sources and produce real-time analysis. This helps them know when and where to help customers, understand and manage risk and regulatory compliance, and leverage capabilities like telematics to track auto, property, and health data.
There are numerous considerations when developing an industry data cloud strategy. Where are you on the maturity curve of cloud architecture and digital and data transformation? Is your data rationalized across all product and business lines? How concentrated does your data need to be? How might your business grow, diversify, or expand?
Capgemini recently hosted a webinar, How to stay ahead of the curve with an industry data cloud strategy, featuring Forrester Research and Google Cloud to address these questions and more. Experts from the three organizations share their thoughts about why having an industry data cloud is important to FSIs and how to accelerate the journey. Read the recap of this thought-provoking webinar to learn more.
RAMANA BHANDARU, EVP & Global Head Financial Services Insights & Data, Capgemini
GEORGINA BULKELEY, Cloud Director EMEA Financial Services Solutions, Google
ELLEN CARNEY, Principal Analyst, Forrester Research