The Emerging Need for Data Governance

The global pandemic has been a test of digital infrastructures for banking and nance companies around the world. With major enterprises adopting the work from home model for their employees and transitioning to online platforms, the need for digital services and solutions that supplement the shift is becoming more prominent. Along with the heavy impact on economies all across the world, the pandemic has affected the cash ow, further resulting in an increase in asset risk. Enterprises need a secure platform that allows them to undertake quick and efficient transactions through a secure network line. They need to be equipped with additional capabilities to ensure their relevance to their customers.

While banking and nance companies were initially not set up to facilitate working from home due to customer data's sensitive nature, the COVID-19 pandemic has forced them to rethink and rebuild their operational strategies to host an environment conducive to the same. Along with reestablishing the need for a secure network line, the COVID-19 pandemic has amplied the need to maintain internet connectivity and ensure that collaboration between various stakeholders is facilitated. Emerging forms of technology such as the cloud platform, AI, and data analytics are going to play an important role in causing the digital transformation that the BFSI industry needs to keep up with the changing face of the work culture and maintain connectivity, security, and collaboration through all levels of their organization's functioning.