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Banking Industry Panel – The Challenges to Modernization and How to Get Started with Immediate ROI

In a panel discussion at the Seaport Hotel in Boston, banking industry experts from Snowflake, ALTR, Passerelle, and Hanscom Federal Credit Union addressed the urgency of modernization efforts for banks and credit unions. The Panel consists of: James McGeehan, Head of Banking and Capital Markets at Snowflake, Paul Franz, VP of Business Development at ALTR, Greg Spencer, Director of Product, Strategy and Alliances for Financials Services at Passerelle, and Jared Silver, VP of IT at Hanscom Federal Credit Union.

The conversation highlighted the forces driving this need, such as the rapid changes in the banking landscape that were exemplified by the dramatic collapse of significant financial institutions like SVB and Credit Suisse. Panelists discussed obstacles to data estate modernization, including organizational change management, and dove into how to get started with a first use case and show ROI. Finally, the panel looked at trends and opportunities on the horizon and how banks and credit unions can prepare today for tomorrow’s innovations.

Part 1: The Forces Driving Data Estate Modernization

In Part One of the presentation, panelists explore the macro and micro-forces that prompt banks and credit unions to undertake data estate modernization. The discussion included:  

  • How data is used to build trust with account holders, reinforcing traditional banking relationships. 
  • Risks and opportunities present in the current environment, including data loss and intellectual property exfiltration.  
  • The role of data in operational efficiency, risk management and regulatory compliance. 

Part 2: Overcoming the biggest obstacles to data estate modernization

In Part Two of the presentation, panelists discuss the challenges associated with data estate modernization for banks and credit unions, focusing on cultural and operational obstacles. Conversation included: 

  • Strategies to overcome resistance due to the discomfort of changing established practices. 
  • How smaller organizations can ensure sufficient support and manage increased utilization and reliance on new data products. 
  • Overcoming institutional inertia due to the perceived risks and a loss of control over data by demonstrating the safety and efficiency of new methods. 
  • Why developing a focused data strategy that aligns with organizational goals and addresses immediate and long-term needs is crucial. 

Part 3: How to get started and show an ROI on your investment

In Part Three of the presentation, panelists outlined strategies for strategies for initiating a data estate modernization project and demonstrating ROI. Key takeaways were: 

  • The importance of defining success metrics and evaluation procedures at the project’s outset to help measure the effectiveness of each step in the modernization process. 
  • How agile deployment can help create a broad organizational strategy that aligns departmental and team-level goals with the overall mission and vision. 
  • How process automation can provide immediate wins in your modernization initiative – skip to the 5:50 time stamp for a story about how automating a manual process has made a believer for one HFCU team member.  
  • How to identify partners and technologies that can help solve business problems and reduce the complexity of modernization.   

Part 4: Modernization today enables innovation tomorrow

In Part Four of the presentation, panelists provided insights into how data modernization will impact the future-readiness of banks and credit unions. Panelists shared: 

  • The exponential growth of data will increase the importance of comprehensive data understanding and the potential to amplify value through data sharing with partners and within the same industry verticals. 
  • Simplified data sharing and access will foster collaboration and innovation, especially among smaller institutions competing with larger banks. 
  • As a corporate asset, data can be enhanced not just internally but also by participating in broader data ecosystems, sharing, and collaborating to create new value propositions. 
  • With models built on trusted data, AI and LLMs can create operational efficiencies and democratize data, leading to more efficient and accurate data processing and insights and helping data professionals focus on impactful business outcomes. 

Q&A – Supporting Organizational Change

The final portion of the presentation focused on a question from the audience on how to support organizational change during data estate modernization. The discussion included:  

  • The need for a cultural shift in organizations to adapt to new technologies and methodologies.  
  • Creating a data culture that builds on current strengths and aptitudes while promoting fluency in new technology with agile deployment.  
  • The importance of training and education in easing the transition to new platforms.  

Ready to get started on your data estate modernization? Get started with a complimentary consultation today.  

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