The financial services industry should adopt a data-first mindset
The Financial Services (FS) industry is highly susceptible to future disruption. According to Accenture research, 63 percent of FS companies have experienced disruption and 44 percent of FS companies are highly susceptible to even further disruption tomorrow. Chief Data Officers (CDOs) have a key role to play in radically transforming FS companies into data-driven organizations and unlocking the value of data for future digital success.
According to the NewVantage Partners’ Big Data and AI Executive Survey 2019 conducted on over 60 Fortune 1000 or industry leading firms C-suite executives:
- 72 percent of survey participants report that they have yet to establish a data culture.
- 69 percent report that they do not have a data-driven organization.
Accenture recently interviewed CDOs and Chief Analytics Officers—from data-driven organizations both inside and outside the FS industry—to gain perspective on how FS companies can improve their data journeys to respond and keep pace with disruptive industry change.
The key traits of a data-driven organization
FS companies that want to truly become a data-drive organization should:
- Have a data-driven vision at the organizational level;
- Have a solid business interlock strategy and plan;
- Empower the CDO with membership to the C-suite;
- Adopt a cohesive approach to data governance, protection, record regulation and analytics;
- Implement a true data culture shift to create an organization that is open and ready to adopt the required changes;
- Have in place the skilled people to support the journey; and
- Implement a solid data infrastructure and technology capabilities.
The FS companies that adopt change today are better positioned to anticipate tomorrow’s demands and challenges. They are the ones that can unlock the value of data at hand and secure a competitive advantage in a disruptive world.