Raj, Financial Services Organisation
“Especially the size and scale of business and the complexity we have, the stage we are at (you name the tool and we have it!) makes it especially hard to get a single view. A major challenge we are seeing is with fintechs is that they don’t have legacy data so it’s easier for them to start their journey and take it end to end. A single view of customer helps but what we need is also a wider data management strategy. Do you understand end to end journey of the data? What are the transformations it has had? If there are quality issues, how do you trace it back to the source? I think that is really important and we are seeing it more and more especially with legacy systems. They are hard to integrate and it’s hard to get that end to end view.”
Malcolm, IXA2A Ltd
“I’ll take a slightly different tack. One of big problems everyone‘s trying to deal with in capital markets is the fact that a lot of the data that’s being used is licensed data. It doesn’t belong to people using it. Firms sell that data to people and these data sets are delivered in many different forms. Sometimes files, sometimes in databases. SVOX enables us to automate some of these functions and provide a better way forward. The current strategy of human effort is rapidly running out of steam because of the huge numbers of data sets involved. It’s an end to end problem – the number of data sets by the number of people and it’s clearly not scalable.”
Paul, BSI Group
“Some customers are finding that data is becoming increasingly fragmented. You’ve got your production data in a private cloud, co-location environment, old legacy physical kit, you’ve got multi cloud, AWS Google Azure, SaaS based solutions, Salesforce, Microsoft 365, multiple databases and then you’ve got your secondary data which is your backup your archive and so on. This is becoming a real challenge because you have multiple tools and staff to deliver and get a single view of your data. SVoX saves money, it removes the complexity by reducing storage, deduplication, licensing costs, hardware costs. You are only looking at a single source of truth.”
Conclusion & key takeaway points...
Peter, Legal and General
“No-one thinks they own risk. The ability to join up and create that one view allows you to throw an audit report on the table and say who is responsible for this, protecting the organisation. I know others talk about cost reduction or opportunity for making money but there is so much opportunity to take risk out of business particularly in a highly regulated environment by getting this right.”
Raj, Financial Services Organisation
“This will help us acquire, grow as well as retain our customers. But I think that one of the biggest parts is around hyper-personalisation. It will put customers in control of their data. They are able to do more and more with their data. They are making those changes themselves rather than relying on us. Also, it will help us in driving the experience the customer has, so every interaction is meaningful as well as relevant to their circumstances and needs. For example, within COVID we turned around the government roll out scheme in just a few weeks. Understanding feedback is an ongoing basis.”
Malcolm, IXA2A Ltd
“For me the game changer is about the customer experience. We all expect as customers to have a joined up and simple experience and I think the real game changer will be automating this and simplifying it so we don’t have to keep going back through those manual processes and frustrating people by having to keep asking the same questions every year for regulatory, licencing or other reasons.”
Paul, BSI Group
“Having that single source of truth is really important. There are lots of me too solutions but where Exonar Reveal and SVoX differentiate is that you can drive business value out of the data you’ve got. I spoke to the CIO of HM Prison and he told me how important data was to them. For example they noticed that at 5pm on Fridays there would be assaults on other prisoners or guards. By looking at data they can drive value out of it but seeing the correlation between assaults and other events during the day. Using that data they can make changes to their services and they see that as driving value because it makes them more efficient. The only way they can do this is because they have a single source of truth.”