Data and analytics are increasingly shaping financial services landscape
Emmanuel Daniel, President and CEO of The Asian Banker, discusses the evolution of the banking industry, the importance of having a comprehensive data information structure and the role of a CMO. October 29, 2012 | Emmanuel DanielA lot of work has been done in the last 15 years or so, to make data central to the organisation, and yet businesses continue to operate in silos. What’s interesting about the silos is that there is the wholesale and retail side of businesses. As for creating value for customers, that’s something which we do in a very fictitious manner. We tell the customer that we love him, but by the way, for the next product, here’s another form to fill in. We do not really know who you are. But interestingly, the banking business itself has been evolving and despite the areal business that we are in – retail banking, SME banking, corporate banking, trade finance, private banking, capital markets, all of these different businesses have functional areas that are in some ways becoming similar. Areas of risk management that used to be unique to finance – retail financial services, are being increasingly applied to small business banking. We are using the law of large numbers and – and credit bureau type methodologies that go right up to areas in corporate banking today. Distribution capabilities that we used to think were only meant for retail or for corporates are now being interchangeably used. Multi-currency accounts that used to be preserved for corporate customers, are now being offered to retail customers and card-based services are now being offered to corporate customers. So there is an increasing breaking down of the silos at the functional level that we need to pay attention to. If you looked at our organisations and ask ourselves how they should look like, maybe we should start creating matrices create the ability for organisations to learn from different parts of the silo. What used to be JPMorgan, a blue-chip organisation, Chase Manhattan Bank, which was essentially globally a corporate bank, and Bank One, which was essentially a retail bank, is today JPMorgan Chase. We are inching towards this breaking down of the silos and th... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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