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DIGITAL VAULT


A data-driven journey into the future

Re-wiring financial services companies with analytics

WINNING WITH ANALYTICS IN THE DIGITAL AGE

Customers of the digital age demand Amazon-like buying experience, Apple-like physical store experience and We Chat-like ubiquity. Financial services (FS) companies are no exception to this trend. While these companies have a massive amount of data, what’s missing is the ability to use this data to drive decisions and create relevant products and services. This is where advanced technologies such as analytics, machine learning and artificial intelligence come in. While many companies have already made investment in digital technologies, only a handful are reaping complete benefits. The good news—financial services companies can harness the potential of analytics and transform into data-driven enterprises, now.

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A REALITY CHECK FOR FINANCIAL SERVICES COMPANIES

Most Financial Services companies understand the need for data-based insights to deliver superior customer experiences. However, they can’t achieve the desired outcomes by merely investing in analytics skills and technologies. Companies need to know how to scale up analytics across the enterprise.

The time for transition is Now

To ward off competition from established players and fintech start-ups, Financial Services companies need to become data-driven enterprises. Two major factors are now making it easier for them to harness the power of analytics:

  • The evolution of digital technology

  • Falling storage costs

In addition, there are tools to increase the speed of data processing by up to 100 times, allowing faster access to potentially game-changing insights.

THE JOURNEY TO BECOMING DATA-DRIVEN

We’ve identified four key steps that could help Financial Services companies transition to data-based, insight-driven enterprises.


Digitize core

   Measure what matters

Digitize core

   Embed analytics at every decision point

Digitize core

   Harness the power of new tools

Digitize core

   Develop an analytics culture

Leadership commitment to a new way of working, redesigned analytics-driven processes and a relentless focus on delivering value to customers and stakeholders alike will help financial services companies gain a stronger, more sustainable footing in an increasingly competitive landscape.

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