India’s money world is changing a lot and using smart technology is becoming highly important. In 2022, banks in India spent a bunch of money, about one-third of $30.5 billion, on using data cleverly. This means that banks are getting better and making things work well as well as more flexible.
The recent troubles faced by Silicon Valley Bank worldwide have made Indian banks realize how important it is to make decisions based on data, manage risks well and be smart in their choices.
To deal with all these changes, Indian banks need to use something called a “Single Source of Truth” (SSOT) and a clever thing called a “Hybrid Data Mesh.”
The SSOT is like a smart organizer for data. It puts everything in one spot. It helps them see where things need improvement, gives them smart ideas about what customers are doing and supports their plans to grow.
The Hybrid Data Mesh is like another clever tool. It helps banks deal with a bunch of information and rules on how to use it. This makes it easy for them to know what’s going on and follow the important rules about keeping things private and of good quality.
With these smart ideas, Indian banks can do a better job, make decisions faster and stay safe. The SSOT and the Hybrid Data Mesh make everything easier and help banks grow and do better in competition.
In this time of change, India’s financial future looks strong. The SSOT and the Hybrid Data Mesh work together to show where the risks are and where the rewards are. As more digital stuff happens, India’s money power follows the beat of data, making a future where numbers and stories connect.
