The increased regulations and government oversight of financial institutions have left banks, credit unions, and other financial institutions in a tricky situation. Retaining employees in such a stressful field is challenging, and most institutions are also battling budget restrictions. Financial services keynote speakers nationwide know the answer is data lineage, and they’ve been spreading the benefits to struggling financial institutions.
Automation
Every great business knows that even minor decisions will ultimately impact its bottom line. Impact analysis is a fantastic way for employees to gather the necessary information for making informed decisions; however, it’s often a tedious and overwhelming task. Luckily, data lineage can automate the process, reducing the resources needed for impact analysis.
Observability
It’s been a couple of decades since financing and banking have gone online and into the cloud. However, ransomware and cyber attacks continue to plague the financial sphere. Data lineage increases the observability of data pipelines, allowing you to quickly trace data-related issues back to their source. This strategy increases your business’ bottom line and instills trust in your customers or partners.
Compliance
Compliance is a major speaking point for any financial services keynote speaker. Your company needs to know where data came from and how it arrived. You’ll also need to have a means of collecting evidence to back up your answers to those two questions, which takes knowledge of the process and the timely completion of reliable data reports. Making mistakes in regulation reports will likely have dire consequences for multiple regulatory agencies. Luckily, data lineage will compile this information for you and report it in reliable, easy-to-understand graphics.
Improved Workflow
There’s a high turnover rate for employees in the financial industry, but there’s also a shortage of data scientists, which is a terrible combination. Increasingly complex data systems quickly overwhelm data scientists, and the lack of support is often too much. Data lineage helps to automate routine tasks, which can take a lot of the plate of overstretched data scientists, leaving them less stressed and able to focus on more pressing tasks. You can also seek a financial services motivational speaker to motivate and inspire your team, giving back some of their spark for data science and the financial field.
Doug Dvorak is a financial services keynote speaker, as well as a motivational speaker. He can bring expertise and inspiration to your next company event!
