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Conquer Data Challenges in the Financial Services Industry

Updated: Jul 7, 2023

Discover how JourneyTEAM supports financial institutions looking to move beyond data challenges and realize the full power of data.

The amount of data available to today’s financial institutions is overwhelming. In fact, one source reported that financial organizations account for 22% of big data usage by industry. Unfortunately, due to the sheer size of data, much of it remains hidden inside outdated legacy software systems or trapped behind complex data silos.

Enormous datasets are only part of the challenges today’s financial institutions face. The impact of the COVID-19 pandemic has severely impacted the status quo—from a shaky economy and rising uncertainty to shifting regulatory pressures and increased security threats.

With big data continuing to grow and the long-term impacts of COVID unclear, digital transformation for financial organizations has become more important than ever before. A recent BDO survey found that 61% of firms are adding new digital projects and 51% are revising their current strategy. It’s only by implementing technologies that allow for increased agility and resilience that financial firms can survive today’s complex business environment.

One of the most successful data platforms within the financial industry is Microsoft. From Dynamics 365 to Power Platform, the solution features the innovation needed for firms to revolutionize processes and leverage data to maintain a competitive advantage. Coupled with JourneyTEAM’s extensive experience in customizing Microsoft products, financial institutions can finally overcome business-hindering data challenges and completely transform business processes.

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Data Challenges Within Financial Firms are Growing

In order to understand how Microsoft solutions benefit financial firms, it’s important to understand the unique data challenges the industry is experiencing.

1. Rising Data Complexity

From the sudden shift to remote work to the rapid migration to the cloud, the amount of data flowing into financial institutions every day is enormous. And, as the amount of available data continues to rise, so does the complexity. For many users, drilling down into datasets or even knowing which data is valuable is difficult, confusing, and overwhelming. Ultimately, this leaves much of valuable, actionable data inaccessible or unused.

2. Multiple Data Silos

Despite many financial firms moving to a cloud environment, there are many who continue to operate in a hybrid environment, utilizing a combination of paper-based and electronic devices. Despite firms’ best efforts to unite these processes, much of data remains trapped behind organizational siloes that hinder decision-making and limit collaboration.

3. Big Data and Data Quality

Despite the large volume of data coming into a firm's data management solution, much of it is not high-quality data. Many users are working with duplicate data or with incomplete, error-filled datasets that lead to poor decisions and ineffective strategic planning which ultimately results in higher operational costs and lost customers.

4. Security and Compliance

Every financial institution has strict compliance rules they must follow in order to safeguard clients’ personal, private, and sensitive information. However, as the number of regulations continues to rise, many firms are struggling to keep up, putting them at risk for non-compliance. This directly impacts customer trust and company reputation which can result in catastrophic consequences.

Move Beyond Data Challenges with JourneyTEAM

As digital transformation continues to sweep across the financial industry, firms must ensure they have the tools and processes in place to leverage the full power of business data. With JourneyTEAM, implementing the right solutions has never been easier.

We’re a Microsoft Gold Partner with extensive knowledge and experience in Microsoft products and are committed to making them work for—not against—financial institutions. We take a close look at firms’ goals and existing technology stack and create a customized implementation plan based on what we see. From helping financial firms increase the quality of data to boosting security and compliance, we’re committed to supporting firms in meeting their specific goals using Microsoft products.

JourneyTEAM has supported a number of financial institutions in implementing Microsoft solutions and providing them with a full, complete solution. Below are just a few of the ways we’ve helped financial firms improve their data strategy using Microsoft products.

Centralizing and Cleaning Data with Microsoft Power BI

Microsoft Power BI provides detailed and deep insight into financial data. This includes which client is the most profitable, where firms are losing customers, and how effective their sales and marketing strategies are. At JourneyTEAM, we’ve helped a number of firms combine the incredible insights uncovered by Power BI with Dynamics 365 and Power Platform to provide a comprehensive—yet simple—view into all data.

For example, one of our clients is a non-profit loan organization that provides financial assistance for those looking to start a business. One client was struggling to automate their manual reporting process. Users had to manually gather Excel data and clean it again and again, which was a time-consuming and error-prone process. Now we’ve connected their CRM to data sources so that they can generate real-time reports every hour.

Chad Dunbar, Account Executive at JourneyTEAM further stated: “Microsoft Azure helps to consolidate and clean data from multiple diverse data sources, automating data loading to enhance timeliness. It also creates an enterprise data repository that’s not dependent on a single person.”

By implementing a bundle of Microsoft products, we’ve helped firms improve overall data quality, reduce errors, automate processes, increase data insights, and so much more.

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Improving Business Decisions with Dynamics 365 Sales and Marketing

Data is the lifeblood that drives business decisions. It’s what provides valuable context into client behaviors and patterns and allows firms to make informed data-driven decisions. JourneyTEAM makes it easy to access and organize financial data for rapid decision-making using Microsoft solutions.

For example, one of our clients is a major bank that offers large loans to other financial institutions. They implemented a number of Microsoft solutions, including Dynamic 365 Sales, Marketing, and Power Platform to manage and track marketing activities, including emails, subscription and event management, opportunities (both won and lost), and banker performance.

After implementing these solutions, we worked closely with their team to set specific sales goals within Power BI. This allowed them to see information summed up, averaged, and fully calculated in order to make better decisions. They were also able to see a ratio of how many wins and losses, how long it takes sales to work deals, contact someone and how often. Sales reps could then navigate to the page and quickly view valuable information that would help them meet their goals each day, month, and year.

Bolster Security and Compliance with Intune and SharePoint

Keeping sensitive financial data secure and private is a top concern among many financial firms and is also a top priority for JourneyTEAM to deliver. This is why we help firms build a secure, industry-compliant technology stack that keeps customer information completely secure without sacrificing accessibility.

One of our clients, a lending institution, utilized InTune to systemize security setup for their 30+ new contact center hires each week. This allowed the institution to apply specific security settings and profiles for laptops to enhance security while simultaneously decreasing the amount of training time for tech teams.

Many of our banking clients leverage Microsoft SharePoint and an architectural data design to track who was accessed, where they are, and when and how to share documents to keep them secure. We’ve also set up row-level security with Dynamics 365, Power Platform, and SharePoint to ensure the right roles have access to secure data at any given time.

Ready to Get Started?

The use of data will continue to transform the financial industry. Firms looking for new, intelligent ways to integrate data, analyze it, and use insights to improve decision-making and accelerate business growth must contact JourneyTEAM. As Chad stated: “JourneyTEAM isn’t just Dynamics or Azure—we do it all and deliver a complete project.”

From eliminating data siloes and automating integration processes to enhancing security and improving decision making, JourneyTEAM is a financial firms’ trusted technology partner. Contact a representative today to begin building an implementation plan or to learn more about our services.


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