Data Management in Banking Sector

 

There is no lack of data in the banking industry. It is predicted that 2.5 quintillion bytes of data are generated every day. For banks and financial services providers, the amount of data they produce, utilize, store and access will grow exponentially year over year. Mergers and acquisitions also bring in new data sources, including large data stores.
Research by the Digital Banking Report finds that data maturity at most financial institutions remains low, with access to insights being limited.
 
In today's digital age, where data breaches and privacy concerns are on the rise, the need for robust customer data management in the banking sector has never been more critical. Banks should strictly adhere to the rules of safeguarding customers' information and maintaining their trust. Here's how banks excel at customer data management:
1️⃣Stringent Security Measures: Banks have implemented state-of-the-art security protocols to protect customer data from unauthorized access. Systems are fortified with encryption technologies, multi-factor authentication, and regular security audits to ensure a robust defense against cyber threats.
2️⃣Compliance with Regulations: Banks strictly adhere to all relevant data protection regulations, including GDPR and local privacy laws. Compliance team works diligently to stay up-to-date with any changes or updates in regulations, ensuring that data management practices are always in line with the latest standards.
3️⃣Transparent Data Handling: Banks are being transparent about how they handle customer data. Customers have access to clear and concise privacy policies that outline the types of data they collect, how it is used, and the measures they take to protect it.
4️⃣Robust Data Governance: Banks have a comprehensive data governance framework in place, which includes policies, procedures, and controls for data collection, storage, and usage.
5️⃣Empowering Customers: Banks empower their customers by giving them control over their data. Through secure online portals, they can manage their privacy settings, update preferences, and choose the level of information they wish to share.
In conclusion, banks prioritize the management of huge amounts of private data by implementing stringent security measures, complying with regulations, ensuring transparency in data handling, establishing robust data governance frameworks, and empowering customers to have control over their own data.


**Views are personal**

Reference:
https://lnkd.in/gA_7hi2X
https://lnkd.in/gYAX4NHX

-Sujitha Reddy Thanigundala
Intern at Hunnarvi Technologies in collaboration with nanobi Analytics.

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