GEC NEWS WIREMeta Byte Technologies Lists Out Potential Challenges with Traditional Data Governance Strategies in the Banking Sector
Meta Byte Technologies has said that there is an urgent growing need for data governance in banks in this region. The company states that banks today face a challenge in terms of organizational and regulatory changes. They are struggling to keep up with such changes and competitive market dynamics. Since they are built on data, data governance should be a critical business concern. They also have new ways of generating data and regularly add new data sources. Due to this, they frequently encounter a variety of data quality, accessibility and security challenges. This leads to a complete disconnect in between business and IT resulting in a lack of accountability. Thus, banks need a comprehensive data governance structure and a well-executed strategy which can enable business to be accountable and IT to be agile and make informed decisions whilst efficiently responding to business changes with appropriate authorizations. .
“Banks in the region have started realizing that the overwhelming amounts of data they are accumulating is unstructured in nature and have no insights in terms of where and who can access what. In order to gain these insights, the data needs to be transformed into information process that is comprehensive, consistent, correct and current. This challenge can very well be addressed through deployment of a data governance program that can allow banks to treat its data as a corporate asset by enforcing consistent definitions, rules, policies and procedures,” explains Salil Dighe, the CEO of Meta Byte Technologies.
“We advise that organizations that are able to envision a disciplined data governance which encompasses people, processes, architecture and technology will be successful,” says Dighe. “Data governance should be automated within the corporate frame work,” says Dighe. ”Hence, Meta Byte Technologies uses its unique framework to work with banks in the region, in order to plan out a successful data governance strategy to help them draft a step-by-step approach to comply with their respective DG policies”
