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Informative Article | Financial Management | India | Volume 10 Issue 6, June 2021 | Popularity: 4.4 / 10

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The Data - Driven Advantage - Crafting an Effective Enterprise Data Strategy for Financial Institutions

Puneet Matai

Abstract: The whitepaper explores the data governance aspects in the financial sector. The core purpose is to craft a robust enterprise data strategy for financial institutions implementing modern technologies and generative AI to address key industry areas such as open data, digitization of money, and fraud prevention. Data utilization for business advantage is explored through leveraging data analytics for actionable insights, enhancing risk management capabilities, and addressing data security and compliance standards set by regulations like GDPR, CCPA, 23 NYCRR 500 Cybersecurity, GLBA, PIPA, and PSD2. The key points for developing a data - driven culture served as a guide for financial organizations seeking to leverage data effectively to drive innovation.

Keywords: Data Governance, Financial Institutions, Generative AI, Modern Technologies, Data Security, Data Quality, Data Integrity, Enterprise Data Strategy

Edition: Volume 10 Issue 6, June 2021

Pages: 1846 - 1848

DOI: https://www.doi.org/10.21275/SR24731194633

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