Data and Financial Services: Investing in Customer Success

HOW DATA PREDICTS

Financial Services Bank on Data to Deliver Success


Financial services organizations are pushing the envelope when it comes to investing in IT technologies. From enabling customers to perform banking activities and accelerate transaction processing from their mobile devices at the edge to tapping into the power of artificial intelligence (AI) and data lakes for robo-investing and hedge-fund management, financial services are at the cutting-edge of today’s digital transformation. They thrive on information, investing in predictive analytics and machine learning (ML) to extract meaningful insights, while also ensuring customer information is protected from cybercrimes, as well as complying with ever-evolving regulatory frameworks. Driven by fast data applications at the edge and big data applications in the core, financial institutions are transforming data into a competitive differentiator.

~$150B by 2022

The global BFSI market size is expected to grow from $82.06B in 2017 to $149.74B by 2022 at a 12.8% CAGR1

90% of Top 50 Banks

More than 90% of the top 50 banks around the world are using advanced analytics2

25% by 2020

25% of top-tier banks globally will have started working toward a ”connected core” by 20203

Financial services organizations face unique challenges when it comes to protecting their data. Between massive data growth, budget limitations and changing regulatory demands, they need scalable, cost-effective, end-to-end solutions that make it easy to store, protect and access data, as well as analyze it immediately for financial gain or in the future to unmask potential opportunities.

SOURCE: STEFAAN VERVAET, SR. DIRECTOR STRATEGIC ALLIANCES & MARKET DEVELOPMENT, WESTERN DIGITAL
HOW TO PLAN WITH DATA

Planning with Data: A Solution for Financial Success


Banks and financial services firms thrive on information. Unfortunately, extracting meaningful insight from database systems is often hindered by the time it takes data to traverse to and from the underlying storage. And, more unstructured data from multiple sources puts even greater pressure on the existing storage infrastructure. Hence, the need for a flexible storage system that can securely scale data resources, easily comply with evolving regulations, and process transactions in near real time.

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MANAGING DATA FOR HIGHLY REGULATED MARKETS
 

Western Digital Offers a Proven Portfolio of Devices, Systems, and Platforms Designed for the Data-Intense and Highly-Regulated Financial Services & Banking Markets

Accelerate Trading

Digital Services

Enhanced Insurance Services

Blockchain

Data Lakes & Analytics

Data Protection & Management

FINANCIAL FIRMS AGREE

With users now able to do most anything online from paying bills to buying stocks and using multiple devices, the need for secure and efficient network storage is more essential than ever for financial institutions. Excluding IT itself, the banking and financial services industry spends more on IT than any other industry and a large chunk of this spending is dedicated to data storage and analysis in order to maintain high security standards, and the speed that consumers demand.

Source: Meeting the Demanding Data Storage Needs of the Financial Services Industry, Nfina, 2018

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Forward Looking Statements

This webpage may contain forward-looking statements, including, but not limited to, statements regarding our product and technology portfolio, the capacities, capabilities and applications of, and market for, our products, our strategies and growth opportunities, and market trends. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The risks and uncertainties are discussed more fully in Western Digital Corporation's filings with the Securities and Exchange Commission, including our most recently filed periodic report, to which your attention is directed. Readers are cautioned not to place undue reliance on these forward-looking statements and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Disclosures

1. Source: IT BFSI Market worth 149.74 Billion USD by 2022, Markets and Markets 2. Source: Analytics in banking: Time to realize the value by Amit Garg, Davide Grande, Gloria Macías-Lizaso Miranda, Christoph Sporleder, and Eckart Windhagen (McKinsey, April 2017) 3. Source: Why IDC Financial Insights for Connected Banking, IDC  4. Source: PwC: 82% of banks, insurers, investment managers plan to increase FinTech partnerships; 88% concerned they’ll lose revenue to innovators, Press Release by PwC, 4/21/17 5. Source: More and more people use mobile banking by Bruce Kennedy (CBS News quoted US Federal Reserve report, 3/30/15) 6. Source: Ecosystems: How Insurers Can Reinvent Customer Relationships by Henrik Naujoks, Florian Mueller, Darci Darnell and Harshveer Singh (Bain & Company, 9/14/17) 7. Source: Blockchain Tech ‘Could Save’ Banks £9.7bn Billion A Year by Sam Pudwell (Silicon, 1/17/17) 8. Source: Banking on Blockchain, Accenture, 2017  9. Source: The Fintech Disruption by Jack Croft (Lehigh University College of Business, Fall 2017)
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