As I argued in my last blog, even as the banking sector enter a time of yet more uncertainty and risk, investments in digital transformation will still pay significant dividends. Those who are able to use technology, and data analytics especially, to not only ‘do things better,’ but ‘do better things,’ will improve their competitiveness, growth and resilience. But bets must be placed wisely, not just to back the right technologies and acquire the right skills, but in securing the right partners and assurance of effective delivery at scale.
From Experimentation to At-Scale Deployment
The industry recognises that in today's highly competitive market it is vital to constantly adapt to meet the evolving needs of their customers. They understand that to achieve this, they must leverage the power of data analytics to gain insights that enable them to make informed decisions and improve their operations. Yet many are stuck at the small-scale, proof-of-concept or departmental solution phase. To really transform, banks need an enterprise wide approach to data analytics – and that requires deep confidence in those they partner with for delivery.
Teradata has been a trusted provider to the financial services sector for decades. Working with the most critical data and providing the systems of intelligence that underpin every aspect of commercial operations. Who better, then, to trust to deliver robust, scalable yet flexible data analytics solutions that will take banks from experimentation to enterprise-wide deployment as the cornerstone of digital transformation? There are good reasons to trust Teradata as the partner to deliver the data analytics at scale needed for the agile, customer-focused bank of the future.
Trusted Track Record
The first is our proven track record. Not only has Teradata provided robust, reliable and large scale data platforms upon which global banks have relied for years, but it is working with many of the leaders to spearhead their digital transformations. Working with the likes of Swedbank, for example, we create accessible and reusable data features that drive models and deliver insights with hundreds of use cases across the bank. These deepen relationships with customers, help detect and prevent fraud and automate compliance reporting. Our long relationships at the heart of banks, as well as consistent record of delivery have earned us the trust to handle critical data with confidence.
Scalable and Resilient
Scalability is also vital. We face stiff competition from many new entrants offering fast, flexible and cost-effective data analytics tools. However, whilst many can add value as experimental or ‘point-solutions’ they quickly become expensive, slow and hard to manage when scaled up. Teradata's data analytics solutions are designed from the ground up to scale seamlessly to meet the needs of even the largest financial services organizations. To meet the demands of the bank of the future, organisations will need to routinely analyse billions of data points, often in near-real-time. Only Teradata's solutions are proven at this scale and we are number one in Gartner’s Magic Quadrant for Cloud DBMS for Analytical use cases.
Our solutions are not only cloud centric, but have been redesigned in the last years to support the hybrid multi-cloud environments that banks want and need. Teradata Vantage leverage the flexibility, scalability and efficiency of the cloud, whilst providing an independent data platform that can seamlessly shift data between cloud providers and include on premise systems. This not only provides the cost-effectiveness banks need, but the operational resilience they require.
Finally, our people are fundamental to the partnership relationships we build and maintain with customers. Not only do we have some of the leading experts with deep insights into data analytics and the financial services industry, but Teradata sees its relationship with its customers as a partnership, working with them to achieve their goals and objectives. Our teams are focused on collaboration with customers to ensure that they get the most out of their data analytics solutions and find new ways to add value. Working together to extend data analytics creates new opportunities to deliver the agile, customer-focused bank of the future.
Recent events have reiterated the volatility of today’s financial services market. But they have not changed the underlying need to continue and even accelerate the pace of digital transformation. Customers, regulators and markets are all expecting banks to meet ever more stringent demands and to deliver growth even in uncertain times. Data analytics will be essential to doing so. But, faced with these pressures, it is even more important to work with those whom you trust to deliver. To find out more about how Teradata can help deliver digital transformation, please get in touch.