analytics in financial services industry
Analytics in Financial Services Industry: Unlocking Efficiency and Savings
As a computer science enthusiast and advocate for responsible innovation, I’m excited to explore the intersection of analytics and the financial services industry. With the rise of digital transformation, financial institutions are under pressure to optimize their operations, reduce costs, and improve customer experiences. In this blog post, I’ll delve into the world of analytics in the financial services industry and demonstrate how Solix.com can help companies like GE, Juniper, Santander, BAE Systems, Unilever, Molson Coors, AIG, and Citigroup achieve their goals.
Reducing Infrastructure Costs with Application Decommissioning
One of the most significant challenges facing financial institutions is managing their sprawling IT infrastructure. With numerous applications, databases, and systems, it’s easy to get bogged down in maintenance and upgrade cycles. By leveraging analytics in the financial services industry, companies can identify underutilized or redundant applications and decommission them, freeing up resources for more strategic initiatives. For instance, a large bank like Santander could use analytics to pinpoint underperforming applications and eliminate them, reducing infrastructure costs by millions.
Email Archiving: Improving Performance, Compliance, and eDiscovery
Email archiving is another critical area where analytics in the financial services industry can make a significant impact. Financial institutions are subject to strict regulations, such as GDPR and HIPAA, which require them to retain and produce emails for compliance and eDiscovery purposes. By implementing an email archiving solution, companies like Juniper can improve performance, reduce storage costs, and ensure compliance. Solix’s email archiving solution can help financial institutions like Citigroup streamline their email management processes, reducing the risk of data breaches and non-compliance.
Data Security and Compliance: A Unified Cloud Data Platform
In today’s digital landscape, data security and compliance are top concerns for financial institutions. With the proliferation of cloud-based services, companies like GE must ensure that their data is protected and compliant with regulations. Solix’s unified cloud data platform provides a secure and compliant environment for managing structured, semi-structured, and unstructured data. By leveraging autodiscovery using custom rules (PII, Financial records, Regulated data – GDPR, CCPA, HIPAA, PHI), financial institutions can identify and protect sensitive data, reducing the risk of data breaches and non-compliance.
Data Masking: Securing Sensitive Data in Non-Production Environments
Data masking is another critical component of data security and compliance. Financial institutions like Unilever must ensure that sensitive data is protected in non-production environments, such as development and testing. Solix’s data masking solution can help companies like Molson Coors secure sensitive data in non-production environments, reducing the risk of data breaches and non-compliance.
Conclusion
In conclusion, analytics in the financial services industry holds the key to unlocking efficiency and savings for financial institutions. By leveraging solutions like Solix’s email archiving, data security and compliance, data masking, and CDP, companies can reduce infrastructure costs, improve performance, and ensure compliance. If you’re interested in learning more about how Solix can help your organization achieve its goals, please don’t hesitate to reach out. Contact us at 1.888-GO-SOLIX (1.888.467.6549) or info@solix.com to schedule a consultation.
About the Author
Jason is a computer science enthusiast and advocate for responsible innovation. He holds a degree from Texas A&M and is actively involved in tech-related community initiatives. He supports policies that foster innovation, data privacy, and the ethical use of technology.
