Regulation and compliance will continue to dominate the business landscape in 2023, especially within the FS sector. This is because emerging technologies – alongside the ever-evolving concept of online banking – have provided a platform in which the majority of customer interactions now take place in a digital format.
The result of this is a never-ending stream of data and digital information. Of course, if used correctly, this data can help drive customer experience initiatives and shape wider business strategies, giving organisations a competitive edge. However, before FS organisations can utilise data-driven insights, they need to ensure that they can adequately protect and secure that data, whilst also complying with mandatory regulatory requirements and governance laws.
Regulatory compliance in FS is a complex field to navigate. Risk comes in many different forms and, due to their very nature (and the type of data that they hold) FS businesses are usually placed under the heaviest scrutiny when it comes to achieving compliance and data governance, arguably held to a higher standard than those operating in any other industry.
As a result, next year FS businesses – and others operating in the space – will heavily invest in new regulation technologies and those that will help them to get a handle on their data. One such technology is data virtualisation. Through a single logical view of all data across an organisation, it boosts visibility and real-time availability of data. This means that governance, security and compliance can be centralised, vastly improving control and removing the need for repeatedly moving and copying the data around the enterprise. The best way to ensure future compliance is to control your data. By providing total visibility, next year data virtualisation will continue to emerge as a key tool helping organisations to regain control and win the war for compliance.
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