Question

Assume a bank’s data are stored in silos based on financial product – checking accounts, saving accounts, mortgages, auto loans, and so on. What problems do these data silos create for the bank’s managers?

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As we know that a data silo is a collection of data held by one group that is not easily or fully accessible by other groups.

Such silos are unable to share or exchange data, and they cannot consistently be updated. When data are inconsistent across multiple enterprise applications, data quality cannot (and should not) be trusted without extensive verification. Data silos support a single function, and as a result, do not support an organization's cross-functional needs.

With data silos, bank managers waste a lot of time and effort to include data from these silos in their business analysis. There is a greater chance of leaving out routinely messy but important data in their analysis.

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