Banks and FIs Struggling with Basic Data Quality and Completeness Issues, Says Aite-Novarica Group

Gaps exist between current data capabilities and business users’ expectations; new report provides a checklist for developing a data strategy.

Boston, June 2, 2022 — Banks and financial institutions (FIs) must address immense challenges when deploying data strategies and related data architecture: diverse core systems and data stores, limited data integration, and even a lack of common data element definitions across systems. In a new Impact Report, CIO/CTO Checklist: Best Practices for Developing a Data Strategy and Data Architecture, research and advisory firm Aite-Novarica Group provides a checklist for chief architects, chief technology officers (CTOs), or chief information officers (CIOs) as they build out the fundamental components of a data strategy, including a data blueprint, roadmap, and processes to achieve data insights and regulatory compliance.

“FIs must plan for the long term, and should periodically reevaluate their data strategies,” said Mitch Wein, Head of Financial Services CIO/CTO Advisory at Aite-Novarica Group and lead author of the new report. “Success will hinge on having an owner of the data strategy, someone responsible for its execution and reevaluation as technology and business challenges evolve.”

A preview of the report is available online, and desk copies are available to qualified media. Please contact pr@aite-novarica.com or call Kaitlyn Labbe at +1.857.327.9442 for more information.

About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.