VIDEO | Fifth Third Bank CDO: Data Movement Must Be Use Case Driven

(US and Canada) Nate Murray, Chief Data Officer of Fifth Third Bank, speaks with Diane Saucier, Financial Services Director at Pure Storage, in a video interview about data gravity, identifying the most appropriate platform for a hybrid strategy, harnessing data and technology to offer innovative experiences, and data exchange Platforms.

Murray mentions his cloud strategy as being cloud-centric while acknowledging the value of a hybrid approach. He understands that there are pieces of data that should remain private and mentions the concept of data gravity. He suggests looking at where data is already hosted in SaaS or PaaS, then augmenting those data sets in the cloud rather than replicating and duplicating the data.

Next, Murray asserts that the strategy for data movement needs to be driven by the use case, data gravity, freshness, and frequency, among other factors. He recommends asking simple questions to identify the most appropriate platform before deciding on a hybrid strategy that involves Snowflake, AWS, SaaS, and on-premises data sets.

Further, Murray acknowledges Fifth Third's talented strategy and digital leadership teams for enabling them to harness data and technology to offer customers innovative digital experiences. When developing new capabilities and products, he ensures allocating resources effectively to achieve the desired outcome most efficiently.

Murray's goal is to drive outcomes and create business value through automation and establishing repeatable modern processes. He also explores deeper into analytics and model building. In addition, he shares that Fifth Third collaborates closely with its data science and model-building organizations to prioritize the cumulative efforts of all teams. He also notes that teams need the right tech stacks, capabilities, and outcomes to deploy offensive and defensive use cases effectively. It is also necessary to reassess when bringing something new to the market and to pay attention to the constantly changing regulations.

Delving further, Murray states that an IT function stands on three pillars of InfoSec, the CISO, and the CTO. He highlights how a cloud framework, on-premise capabilities, and appropriate controls must work together cooperatively to achieve optimal success for IT. Accordingly, he mentions partnering with model risk management teams, data science groups, and strategy teams for result-based outcomes.

Moving forward, Murray states that data collected over the years from various sources, formats, and technologies makes it challenging to access valuable insights. To make the data more accessible, Fifth Third Bank is innovating with a data exchange platform.

Data exchange is a comprehensive system that uses automated access management and data management capabilities, allowing users to discover, extract, and create value from the data. Murray states that this platform has only gone into production recently but will help transform how data is accessed, managed, and used across the bank.

According to him, the platform has the potential for value creation by turning data into valuable analytics. He further stresses the value of data mesh and how it increases productivity and advocates the need for self-service.

In conclusion, Murray states that with data exchange, companies like Fifth Third Bank can bridge the gap between mainframes, warehouses, SaaS solutions, and other systems while ensuring the security and productivity of data.

CDO Magazine appreciates Nate Murray for sharing his insights and data success stories with our global community.

See more from Nate Murray

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