7 key takeaways: The future of financial services with distributed data

During a fireside chat at the Datanova conference, Starburst Co-Founder and CEO Justin Borgman, alongside industry leaders from Bank of America, Wells Fargo, and Accenture, discussed the evolving landscape of financial services and data strategies. The conversation emphasized the growing importance of distributed data architectures, moving away from centralized data storage solutions that often fail to deliver on their promises. Instead, organizations are encouraged to adopt data mesh concepts that decentralize data ownership, allowing data owners to take responsibility for governance and quality, thereby enhancing data utilization and insight generation. Moreover, the discussion highlighted the need for empowering employees with self-service analytics capabilities to drive productivity and innovation, while also addressing operational and regulatory risks. The panelists noted that modernizing data infrastructure isn't solely about cost reduction but also about enabling market growth and compliance. Ultimately, a cultural shift towards a data-first mindset is essential for capitalizing on the business impact of distributed data, with Starburst aiding financial institutions in accelerating insights and reducing costs through enhanced data strategies.