Like any other industry, the banking industry too is now proactively creating strategies to offer value to the customers. With a smart data fabric architecture, banks are overcoming their age-old data challenges by utilizing the data effectively and efficiently.

The banking industry generates a huge amount of data each day and hence data management is crucial to maintain data integrity and quality. In today’s blog, KR Elixir Technology will tell you how banks are now smartly handling their customers with the aid of data fabric architecture.

Future-proof data management

A seamless data fabric enables you to keep your data relevant even for future use. With this framework, banks are performing their best today and staying prepared for the data storage challenges tomorrow.

Customized Services

Banks are now becoming experts in dealing with both structured and unstructured data due to efficient data fabric infrastructure. As a result, bank officials are able to provide personalized services to the customers and gaining more revenues.

Enhanced Data Security

It is redundant to mention that banks have a lot of sensitive data to deal with and a minor glitch in the system might cause a major disaster. Most data fabric solutions are now well-equipped with high data security so that the confidential data possessed by the banks is never compromised under any circumstances.

Improved Data-Centricity

Apart from being customer-centric, banks also desire to be data-centric. It is because banks now understand that data is their biggest asset and are trying their best to safeguard it. Big data fabric facilitates top-notch data centricity which the banks and other financial institutions enjoy in the best possible way.

Advanced Decision-Making Abilities 

Banks are now taking quick and accurate decisions with the pool of data that has been intelligently and digitally weaved together with a sophisticated data fabric framework.

Presenting some latest statistics on data fabric architecture for your perusal.

• As per Gartner, Inc., research, “The average financial impact of poor data quality on organizations is $9.7 million per year.”
• Netflix saves $1 billion per year on customer retention with the aid of big data.
• Forbes says that 95% of businesses admit they need to manage unstructured data.

Allow KR Elixir Technology to provide you with a successful data fabric framework for your organization. Reach out to us for proficient cloud strategy services.