In today’s digital age, the banking, financial services and insurance (BFSI) sector are grappling with increasingly complex challenges related to fraud, risk management and mitigation. As cyberthreats and financial crimes continue to evolve, traditional methods of fraud detection and risk assessment have become less effective. To stay ahead of these challenges, organizations are increasingly relying on data products to enrich their data and enhance their fraud reduction and risk management strategies.
The Data Revolution in BFSI
Data is the lifeblood of the BFSI sector. It fuels decision-making, helps identify market trends, and plays a crucial role in mitigating risks and preventing fraud. However, the sheer volume and complexity of data generated within the sector can be overwhelming. And this is where data products come into play.
What Are Data Products?
While data products are getting a lot of buzz in the industry, there are many interpretations of what a data product is. So, let’s set the record straight.
Data products make data tangible for everyone across the organization. They provide ready-to-consume sets of high-quality, reliable, and accessible data that people…
