Solve People Silo Problems to Solve Data Silo Problems — First Citizens Bank former Head of Data Governance and Data Management

(US & Canada) Junaid Farooq, former Head of Data Governance and Data Management at First Citizens Bank, speaks with Jack Berkowitz, Chief Data Officer at Securiti, in a video interview, about a leading initiative from his career, introducing generative AI into an organization, and the possibilities of unlocking value from unstructured data.

Farooq shares that throughout his extensive career of over 20 years, he has led a number of remarkable initiatives, with one of the most significant being his role in overseeing a data management and governance program during two major bank mergers at First Citizens. The efforts helped elevate the bank from a $35 billion entity to one now valued at over $200 billion. He highlights the immense complexities involved in managing data through such large-scale mergers, especially given that the bank has acquired more than 25 institutions since 2008.

Further, Farooq notes that in the short term, these efforts helped build trust among investors, regulators, executives, and the board, while in the long term, it set the foundation for future innovation. Addressing challenges like data silos—exacerbated by the sheer number of acquisitions—required not only technological solutions but also tackling "people silos." By fostering collaboration across departments and leveraging institutional knowledge, he was able to mitigate these issues more effectively.

According to Farooq, a critical aspect of any Chief Data Officer’s role is ensuring that data is both accessible and fit for purpose, supporting everything from revenue generation to regulatory compliance and risk management. Achieving these goals requires a robust data strategy that is closely aligned with the overall business strategy. Ultimately, it's all about the data.

Reflecting on the challenges of integrating GenAI into institutions, particularly in managing unstructured data, Farooq likens the AI journey to Gartner's hype cycle, highlighting how innovations initially peak with inflated expectations before experiencing a period of disillusionment. However, unlike trends such as blockchain, Farooq believes AI is here to stay and will follow a different trajectory, leading to lasting productivity gains.

From a data governance perspective, Farooq sees immediate practical applications for GenAI, such as creating synthetic test data for market scenarios and writing data quality rules. He emphasizes the importance of democratizing AI across all levels of an organization, similar to how data literacy became crucial for everyone—from CEOs to marketers. For Farooq, widespread AI literacy is now essential for teams to fully leverage the technology and enhance their work.

Speaking of unstructured data, Farooq compares unstructured data with the unexplored depths of the ocean. He recounts a conversation with a marine biologist who highlighted that only 20% of the deep sea has been chartered. This reminded Farooq of unstructured data, which makes up the majority—possibly 80 to 90%—of all data. He notes that, similar to how more about the deep space is known than the deep sea, there is still much unknown about the value hidden within unstructured data.

Farooq points out that one of the reasons for this gap is the lack of technology, both for deep-sea exploration and for fully tapping into unstructured data. However, he believes that recent technological advances are finally making it possible to discover, catalog, and extract insights from this vast reservoir of unstructured information. He likens the current moment to a turning point, as organizations begin to recognize the untapped potential of this data, much like how industries would rush to explore the deep sea for resources if they had the necessary tools.

CDO Magazine appreciates Junaid Farooq for sharing his insights with our global community.