3 Reasons Data and Financial Services are the Dynamic Duo in Today’s Global Economy
Data helps financial services to:
- Drive their own digital transformations
- Succeed with digital disruption
- Stay ahead of the competition
As NetApp’s Senior Vice President & General Manager EMEA (which includes Europe with Russia and Turkey, the Middle East, Eastern Europe and Africa), Alexander Wallner helps companies accelerate their business performance with data. Nowhere is that more necessary than in today’s digital-driven financial services.
1. Data is driving a digital transformation
In the world of global financial services, there is an unrelenting pressure from data driven organizations like Alibaba, Google, Apple, Fintech start-ups which are upending this sector by attracting and retaining consumers (especially Millennials) with convenient, engaging and personalized experiences.
A report by PWC Fintech in 2017 says that 50% of consumers plan to increase usage of non-traditional Financial Services providers, compared to only 39% who will continue to use only traditional Financial Services providers.
NetApp’s own research shows that data driven organizations achieve:
- 6x greater improvement in operational efficiency
- 3x greater increased profitability and new customer acquisition
- 2x improved top-line revenue growth and customer satisfaction
- 2x greater ability to drive revenue from new product innovations
If you’re not moving at the speed of data, your organization is likely to be left behind.
“Customers can trade at a very high frequency and react to market shifts in milliseconds,” Wallner explained. “You can’t deliver this level of service without thinking about data.
2. Data is the new currency
Today’s headlines are filled with stories about a new world of crypto currencies and technologies like blockchain, Bitcoin, and e-Cash. Some people have even speculated that the money we know today could soon be replaced. While that may scare some institutions, Wallner says data-centric institutions are taking the right steps to prepare their organizations to thrive in such environments.
The next wave of digital disruption is happening as we speak,” Wallner said. “Fintech, Blockchain, Bitcoin, E-Cash, and all that needs a data-centric approach.”
3. Data-centric organizations are moving ahead now
Data visionaries in the financial services sector are moving quickly to incorporate a data-centric approach into their product portfolio and using data to mitigate risk, manage fraud, automate payments, deliver mobile online banking services, and process mortgages. For this to happen, data visionaries must ensure this mountain of data is quickly and efficiently routed to the right people.
High-frequency traders, for example, value speed above just about everything else when making financial decisions. Risk managers, on the other hand, need to slice and dice data in multiple ways to build the sophisticated models needed to create financial instruments to determine risk and return.
Wallner says it all comes down to whether a company understands its data.
“The cutting-edge financial companies are investing heavily in data management,” Wallner explained. “It’s paying off now and will continue to pay off in the future.”
Alexander Wallner is NetApp’s Senior Vice President & General Manager EMEA (which includes Europe with Russia and Turkey, the Middle East, Eastern Europe and Africa). He is passionate about helping customers and partners achieve success and strives to build winning teams that share his passion. With the IT landscape in a state of flux and the value of data ever more important, he sees NetApp’s role as helping customers navigate a path to get greater return from their IT investments, accelerate their business performance and minimize their risk.
Alex has a strong history of leading NetApp sales teams to success, having recently led the CEMA region (Central Europe, Eastern Europe, Middle East, Africa and Russia) and Germany prior to that. During his tenure, NetApp became the country’s number one storage player, a position the company has held since 2010.
Having started at NetApp in 1999, Alex also has a wealth of partner experience having run the channel business in Germany, Austria, Switzerland and Eastern Europe. He started his career at m+s Elektronik AG. Alex holds a degree in Business Administration from FH Regensburg (now OTH Regensburg).