CIO/CTO Checklist: Best Practices for Developing a Data Strategy and Data Architecture

A well-designed, comprehensive data strategy aligned with enterprise priorities is needed to help FIs evolve.  

June 2, 2022 –Many financial institutions are dealing with the challenges of diverse core systems, inconsistent data integration, and limited agreement on what data assets mean. Instead of mining for insights, many FIs are still struggling with basic data quality and completeness issues. FIs need to develop a comprehensive data strategy that looks across the entire organization, covering people, processes, and technology.

This report offers a checklist to help FIs’ senior IT and data leaders create formal data strategies and ensure the maximum value from the effort. The checklist allows IT and data leaders to ask critical questions at the enterprise level about the role of data and the investments necessary to achieve data-enabled business objectives. This report is based on a survey of Aite-Novarica Group’s Financial Services CIO/CTO Research Council and on Aite-Novarica Group’s observation of best practices for data strategies, blueprints, and roadmaps across financial services.

This 34-page Impact Report contains 17 figures and three tables. Clients of Aite-Novarica Group’s Community Banking service can download this report and the corresponding charts.

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