Bank turmoil associated with recent bank failures has highlighted the importance of due diligence for managing financial risk, growing revenue, and retaining jittery customers. Regulators will likely ramp up their scrutiny–even after hitting financial institutions with a jaw-dropping $2.7 billion in fines in 2021 for failing to meet compliance and due diligence standards.

Your organization has an unstoppable digital transformation plan—at least that’s what you thought before you started encountering the disadvantages of data silos. Your teams were fired up and ready to go, but data separated by different systems created obstacle after obstacle to your digital transformation dreams.

The insurance industry is quickly moving into a digital-first future where emerging technologies will reshape the way policies are sold, claims are processed, and risks are managed, and where market leaders are automating critical workflows to deliver seamless experiences, enhance customer satisfaction, and unlock profitability.

If you’re worried about the potential for heightened regulatory scrutiny in financial services, you’re not alone. Business operations teams everywhere are focused on the end-to-end, client lifecycle management (CLM) process as they cope with ever-changing regulations governing how, when, and where client data can be stored and accessed. It’s hard to stay compliant when customer data is spread across multiple operational silos.

Large-scale enterprise modernization initiatives are taking place across the public sector, with agencies striving to gain efficiencies through better use of more modern technologies, such as low-code platforms, and employing data in novel ways in the decision-making process. These modernization efforts disrupt the business processes that have developed around the outdated solutions these efforts aim to replace.

Any organisation wanting to pursue digital transformation understands the value of good-quality data. Data is akin to digital gold, and it is immensely important to strategic decision-making. Ensuring that your data or BI team has everything they need is part of the challenge.