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