Radha Pillay, Regional Director APAC, SmartStream
Data has shifted from being a valuable asset to an essential driver in the financial services world. Recently, I had the chance to sit down with Josef Jelinek, Research Director at Kapronasia, to discuss how financial institutions are navigating the landscape of data, AI, and automation. In today’s industry, the ability to harness data isn’t just beneficial – it’s critical to making sound, informed decisions that move a business forward.
As Josef shared, financial institutions are facing unprecedented challenges in data integration, particularly as they manage a wide range of data sources. These now extend beyond structured financial data to include social media, IoT feeds, and other non-traditional data points. The task is to draw meaningful insights from it all, which isn’t easy when systems are often fragmented, and regulatory demands are high. Yet, the potential payoff is huge, with AI and machine learning increasingly enabling predictive insights that help firms detect fraud, manage risk, and anticipate customer needs.
Automation also surfaced as a significant theme. It’s no longer simply about automating the routine, but about embedding intelligence within workflows, making processes faster and more precise while freeing up valuable human resources. Josef highlighted advancements in AI and natural language processing that help clean, structure, and interpret unstructured data, like customer communications or contracts. This shift allows financial services to move beyond efficiency into a truly data-connected framework where automation brings proactive, data-driven decisions to the forefront.
Then there’s the bigger picture of real-time insights. Financial institutions are increasingly focused on creating seamless, real-time data flows – essential for meeting the quick decision-making demands of today’s world. By integrating hyper-automation, which combines RPA, AI, and machine learning, firms can scale operations without adding complexity. In this setting, intelligent validation checks within automated processes not only improve compliance but also reduce errors and save time, allowing organisations to do more with less.
Our conversation ended on a key note: achieving a data-driven culture. While technology plays a significant role, fostering an environment where data is genuinely valued and used in decision-making needs committed leadership and company-wide buy-in. By promoting data analytics, making data accessible, and offering employees the tools they need, institutions can build a foundation where everyone feels equipped to use data in their roles.
From this fireside chat, it’s clear that gaining intelligence from data isn’t just about having the latest tech; it’s about embedding data into the company’s DNA. As the industry continues to evolve, those who view data as a strategic asset and invest in a culture that promotes insight-driven decisions will have a distinct edge. And while there’s no universal blueprint for achieving this, the right blend of technology, talent, and vision sets the stage for a promising future in finance.
