Understanding the challenges of data in financial services

Nationwide Building Society

Financial services organisations have always had a wealth of data at their disposal, but the challenges faced in turning that data into valuable actionable insight, crossing silos and keeping in line with compliance needs has been a difficult journey.     

Success requires all of this to be done at pace – which creates an interesting IT challenge.  


With more challenger banks emerging and costly legacy up-keep, financial services organisations have had to make more investment in their data.     

Customers like to be shown that their bank, insurance or credit card company knows them and understands their needs. It’s pointless offering discounted holiday insurance after a customer has already been on holiday!  


The quality and accuracy of customer data is vital so implementing processes and tools to identify, rectify, manage and report from it is essential.   

Lyst co-founder Jay Parmar has worked in a number of financial services organisations and has designed and developed strong customercentric systems that:   

  • Provide a clear single view of customers across all product lines and partners. These solutions integrate all channels and ensure a consistent customer experience across them, giving customers a positive beneficial experience. 
  • Provide strong analytical capability that can anticipate customer needs accurately and demonstrate to the customer that their needs are being recognised and met. 
  • Give actionable insights across products and channels.
  • Give confidence in regulatory reporting and compliance.

These solutions are centered around strong operational data modelling and capability. Using data warehousing, both in the traditional sense and machine learning, provides access to fast actionable insights.  


Using standards-based integration enables all channels and partners to take advantage of connected systems and data. Customers will feel their needs are catered for fully, thereby providing a strong and positive experience.    

Credit risk scoring systems provide accurate and fair feedback so that fast decisions can be made for all credit applications. Advanced fraud tracking and analysis also enables proactive protection of customers money.    

Data analytics and insights will enable rapid customer feedback. When applied accurately, the adage “show me you know me” builds strong customer advocacy. Applied incorrectly it gives rise to frustration and erodes trust. 

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