I was meeting with the Chief Information Officer for a mid-sized community bank a couple months ago. The bank was completing a recent merger and we were discussing how they could be using their data to move forward and support various banking activities. Halfway through the conversation the CIO looked at me and said, “I just want the whole truth in one place. Why does that have to be so hard?”
The aspiration for a Single Source of Truth, and a simultaneous frustration with the process for creating it, is a common sentiment among information technology officers in banks these days. Banks are using an increasing number of systems that generate data, and access to all this data can be transformative. Data* provides the fuel for faster, more accurate decision-making and automation that can transform an organization’s potential. However, not having a complete and accurate view of customer information and activity can lead to significant opportunity cost and even large financial losses.
Creating a sustainable Single Source of Truth can be difficult. So difficult, in fact, that some organizations we’ve worked with had nearly given up hope of ever accomplishing this when we first met them. But it’s not impossible, and with the right tools may even be easier than you thought.
Step 1: Connection