The financial services industry was built on trusted handling of data, so it is natural for banks to seek new business opportunities from data analytics and artificial intelligence. However not only the traditional institutions invest in this area; newer entrants are making inroads and catching up with the established players. Customers increasingly expect to interact with their service providers in automated ways, shortening the timeframes available for analytics and AI to react to client needs.
The Origin of Analytics and Current Developments
- What are areas of data analytics that are transforming fastest?
- What is influencing change in analytics such as consumer familiarity or ‘pull’, bank client demand, new IT architectures, cloud and open systems?
- What are some of the obstacles/ challenges banks face today that are slowing progress
Bringing Analytics to Financial Services Business Tasks
- What are some of the hurdles against handling unfamiliar, unstructured data sources?
- We’re seeing fast growth of eCommerce, which is almost always linked to digital payments advances; what role does analytics have in this?
- Will the front office be the biggest beneficiary of more-advanced analytics use? As a result of these gains where will institutions likely realize the benefits against their investments?
Reaping Value from Analytics Efforts
- What are some of the business motivations driving banks to think hard about analytics?
- How will new types of partnerships be incented and managed?
- How transparent will the institution need to be to customers and regulators about how analytics and AI are factoring in to product and credit decisions?
If you would like to discuss data analytics and its challenges in financial services further, please do not hesitate to contact us.