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Data-driven mastery in commercial banking

June 22, 2021

4 MINUTE READ

In brief

Drive rapid data returns in commercial banking

The market valuations of even the most digitally mature banks lag far behind those of data-driven businesses such as e-commerce platforms and cloud software providers.

61%

The average return on investment achieved by banks that have progressed further in terms of data maturity.

80-85%

of financial services companies remain stuck in the ‘proof-of-concept factory’ phase of data maturity.

Sparking opportunity for commercial banking

Barriers to data-driven reinvention

Organizational silos

Data and technology assets, budgets, intellectual property and priorities are isolated in product and departmental silos.

A focus on incremental improvement

Many commercial banks continue to focus on incremental wins rather than on breakthrough returns.

Digital transformation fatigue

Banks and their people are fatigued by technology change, and are reluctant to embrace more big IT projects.

A lack of business ownership

For many banks, data has yet to become a C-suite priority.

Keri Smith

MANAGING DIRECTOR – STRATEGY & CONSULTING, APPLIED INTELLIGENCE, ANALYTICS

Contributors

Jared Rorrer

Managing Director – Global Commercial Banking Lead


RYAN ANDERSON

Managing Director – Applied Intelligence Lead, Canada


KAMALIKA SEN

Director – Applied Intelligence, Data Science Customer, Sales & Service


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