The financial services sector has been among the most aggressive when it comes to the deployment of digitization and modernization strategies, especially as corporate clientele and the consumer population consistently prefer these frameworks to older setups. Although this has been a difficult process, including the complete overhaul of IT infrastructure and transformation of standing information governance protocols, there have been and will be plenty of opportunities involved as well.
However, these opportunities will only be possible to grasp when the firm has successfully handled its content services (ECM) strategies, as these frameworks must be adjusted to function properly in the modern era. With the right ECM app management software in place, financial services firms will be able to more seamlessly and safely navigate the highly advantageous big data marketplace, which many organizations in the industry are already trying to do.
More spending to come
Research and Markets recently released its latest report on the global financial services market’s behaviors when approaching big data investments, and argued that there will be significant increases in investments across the industry in the coming years. According to the analysts, financial services firms around the globe will expand their spending on big data solutions at a compound annual growth rate of 25.5 percent between 2014 and 2019.
Research and Markets added that industry players appear to be looking beyond the general reporting and accounting data they store and more into consumer trends through social media platforms and other marketing-related frameworks. Regardless of which type of processes or strategies are being targeted by the big data solutions, though, success will be dependent upon strong use of ECM app monitoring and management software throughout the lifecycle.
A popular initiative
PricewaterhouseCoopers reported that big data might not just be helpful for financial services firms, but rather is a critical investment for organizations in the industry given the unique demands of the job today. According to the news provider, big data is no doubt a powerful technology in terms of opening new doors and bolstering efficiency, but many companies have yet to truly understand the best practices of management and monitoring.
“Institutions that leverage big data to gain insights into their operations, customers, and market opportunities can position themselves for ongoing success,” the researchers wrote. “But transforming big data into actionable insights requires sophisticated analytics tools.”
Financial services firms are expected to be at the forefront of the Internet of Things and mobility trends, which will make ECM app management even more critical in the grand scheme of big data. With the right tools in place to optimize ECM app performance over time, the future will likely be bright for these entities.