25 Nov 2019
New IDC Report Reveals Data-To-Digital Framework to Help Asia/Pacific* Banks to Thrive at Scale in the Digital Era
SINGAPORE, November 26th, 2019 – IDC Financial Insights latest report titled Data as an Asset: A Data-to-Digital Framework provides a detailed analysis of the problems faced by many financial services institutions (FSIs) as they make data core to their digital transformation (DX) strategies. Many FSIs continue to see issues with data – the format, location, intelligence, and connectivity that data needs to have. This report points to the ideals of digitally ready data, the challenges faced in transforming data to digital, and a Data-to-Digital framework to turn data into a true asset in the DX initiative. IDC 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.
Fig. 1: For data to be valuable in the digital world, it must be accurate, intelligent, trustworthy, and connected.
“Banks need to leverage 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,” says Michael Araneta, Associate Vice President at IDC Financial Insights Asia/Pacific.
Some report highlights include:
- The state of data being digitally consumable and digitally valuable is a critical determinant of DX success.
- Many data-to-digital initiatives fail because of mostly lack of capability and often failing the business case or using the wrong delivery approach.
- Not all data should or is able to be consumed digitally, and a careful focus scoping and transforming data to be digitally ready (Data-To-Digital) will accelerate transformation while reducing cost and risks.
“Organizations need to ensure the use of data is ultimately aligned to the DX business strategy so the initiative around the Data-to-Digital framework occurs in time to deliver on the promise of DX,” says Steve Shipley, Adjunct Research Advisor for IDC Financial Insights Asia/Pacific. “IT and businesses must work together to make this happen, alongside what is seen to be a growing and critical data initiative within the FSI.”
Data as an Asset: A Data-To-Digital Framework is the first report under IDC’s Data as an Asset report series. More Asia/Pacific* focused reports will be published on December and January including business case and funding approaches for Data-To-Digital, building required capabilities to drive Data-To-Digital initiatives successfully, and methods to use (with a large focus on APIs) for transforming Data-To-Digital. For more information, please contact Michael Araneta firstname.lastname@example.org. For media queries, please contact Tessa Rago email@example.com or Alvin Afuang firstname.lastname@example.org.
Data as an Asset will be one of the key topics to be discussed at the 2020 IDC Asian Financial Services Congress happening on 27 – 28 Feb 2020 at the Marina Bay Sands Singapore. IDC Financial Insights will unveil its latest research on financial services and insurance industry and provide engaging discussions around Robotic Process Automation, AI in Banking, Governance, Risk and Compliance; and many more. Culminating the event will be the awarding of the 20 Best Banks and 20 Challengers in Asia/Pacific. For more information on the upcoming 2020 Asian Financial Services Congress, visit http://www.idc.com/AFSC2020
Note: Asia/Pacific excluding Japan
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn
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