IDC PlanScape: Data Productization to Unlock the Potential of AI

This IDC PlanScape explores a new data management approach for the financial services industry, transforming how data is managed, governed, and leveraged for strategic decision-making. By treating data as a structured product rather than a byproduct of operations, financial institutions can enhance AI capabilities, improve compliance, and unlock new revenue opportunities. However, the industry must address internal trust issues by establishing cross-departmental data governance, fostering collaboration, and prioritizing transparency in data usage.By implementing these strategies, financial institutions can transform their data landscape, ensuring long-term success in an increasingly data-driven industry."Data management on the back of piecemeal solutions; lack of clear data governance; and issues around data ownership that negatively affect data accessibility, accuracy, and optimization remain critical inhibitors for FSIs to get more value out of their data," said Tom Zink, senior research director, IDC Financial Insights. "The industry needs to rethink data as a strategic asset, make data available to all necessary stakeholders across the enterprise, and invest in timeliness and accuracy. Only then will FSIs see returns on their AI investments, and more importantly, reliable data-driven business outcomes."