This IDC report discusses a problem faced by many financial services institutions (FSIs) as they make data core to their digital transformation (DX) strategies: data is not in a form ready to be used for various digital transformation initiatives. Many FSIs continue to see issues with data — the format, location, intelligence, and connectivity that data needs to have. IDC Financial Insights proposes a Data-to-Digital framework, which will be useful in planning and executing the effort to turn data into a true asset for DX.
Michael Araneta, associate VP, IDC Financial Insights Asia/Pacific says, "Banks need to leverage a Data-to-Digital framework to scope and analyze what data is needed, how to make it digitally ready, and how to deliver it to various users throughout the organization. Throughout, the ideals of data that can be used for various DX initiatives must be referred to constantly: accurate, intelligent, trustworthy, and connected."
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