This is not for lack of priority or investment at the enterprise level. Since the financial crisis of 2008, banks—particularly the global systemically important banks (GSIBs)— have at an enterprise level invested billions of dollars on enterprise data management (EDM) initiatives. These initiatives alone will not advance a line of business data strategy for insights and growth; however they can provide a solid framework and improved data quality.
Recent Celent research into corporate bank technology spending identifies that advanced data analytics, AI/ML, and data management are now among the top priorities for investment. Celent’s view is that these investments are intended to support a broad range of initiatives to improve operations, develop deeper insights, and form the foundation of next generation products.