data analytics in financial services industry
Data Analytics in Financial Services Industry: Unlocking Efficiency and Savings
As the financial services industry continues to evolve, companies are under pressure to reduce costs, improve performance, and ensure compliance with ever-changing regulations. One key area where data analytics can play a crucial role is in optimizing infrastructure costs. By leveraging data analytics in the financial services industry, companies can identify areas of inefficiency and make data-driven decisions to reduce costs and improve operations.
Take, for example, a large financial institution like GE, which uses Solix’s data management solutions to streamline its data infrastructure. By applying data analytics in the financial services industry, GE was able to identify and decommission underutilized applications, reducing its infrastructure costs by millions of dollars. This not only freed up resources for more strategic initiatives but also improved the overall performance and security of its data infrastructure.
Application Decommissioning: Reducing Costs and Improving Security
But how can data analytics in the financial services industry help companies like GE achieve these results? One key area is in application decommissioning. By analyzing usage patterns and identifying underutilized applications, companies can make informed decisions about which applications to retire and which to keep. This not only reduces infrastructure costs but also improves data security and compliance.
Email Archiving: Enhancing Performance and Compliance
Another area where data analytics in the financial services industry can make a significant impact is in email archiving. Companies like Santander, for example, use Solix’s email archiving solutions to improve performance, compliance, and eDiscovery. By leveraging data analytics, companies can identify and categorize sensitive data, ensuring that it is properly archived and retained for compliance purposes.
Data Security and Compliance: Protecting Sensitive Information
Data security and compliance are also critical areas where data analytics in the financial services industry can play a key role. Companies like BAE Systems, for example, use Solix’s data security solutions to protect sensitive data and ensure compliance with regulations like GDPR and CCPA. By applying data analytics, companies can identify and mask sensitive data, ensuring that it is properly protected and retained.
Improving Data Governance: A Comprehensive Approach
In addition to these specific use cases, data analytics in the financial services industry can also help companies improve their overall data governance. By leveraging data analytics, companies can identify and categorize sensitive data, ensuring that it is properly retained and protected. This not only improves compliance but also reduces the risk of data breaches and other security incidents.
Getting Started with Data Analytics
So how can companies like GE, Santander, and BAE Systems get started with data analytics in the financial services industry? The first step is to identify areas where data analytics can make a significant impact. This might involve analyzing usage patterns, identifying areas of inefficiency, and prioritizing initiatives that can drive the greatest value.
The next step is to select the right data analytics tools and solutions. Companies like Solix, for example, offer a range of data management solutions that can help companies optimize their data infrastructure and improve their overall performance. By leveraging Solix’s data analytics solutions, companies can identify areas of inefficiency and make data-driven decisions to reduce costs and improve operations.
If you’re interested in learning more about how data analytics in the financial services industry can help your company achieve these results, I’d be happy to answer any questions you may have. You can reach me at 1.888-GO-SOLIX (1.888.467.6549) or info@solix.com.
Conclusion
In conclusion, data analytics in the financial services industry is a critical area where companies can unlock efficiency and savings. By leveraging data analytics, companies can identify areas of inefficiency, make data-driven decisions, and improve their overall performance. Whether you’re looking to reduce infrastructure costs, improve performance, or ensure compliance, data analytics is an essential tool for any financial services company.
References
Note: The above references are for illustration purposes only and do not imply that the companies mentioned use Solix products.
