Want to know how your financial institution can use data to identify the opportunities that will fuel your growth trajectory? Click here to download Banking on Analytics: Why Data Is Your Secret Weapon.
The envy of other industries, financial institutions are armed with an arsenal of data insights about customer behavior and preferences. When harnessed and applied strategically, this secret weapon can be used to optimize acquisition campaigns, deepen customer engagement, drive desired purchase behaviors and improve the predictive nature of fraud and risk controls.
As global payments become faster, smarter and more open, financial institutions face new pressures to protect their current market positioning against other financial institutions as well as new entrants to the payments space. Those who know how to harness disparate data points into meaningful, actionable insights are armed with the tools they need to stay in the race for top-of-wallet wallet and top-of-phone status. Financial institutions who have a holistic, proprietary strategy specific to their customer and prospect universe are equipped with the intelligence that’s now required to drive meaningful business results, improved profitability and establish a competitive advantage that isn’t easily displaced.
Despite the many advantages that data analytics delivers to financial institutions, nearly 40% of respondents to the 2017 FIS Readiness Report said there is substantial room for improvement when it comes to unifying data sources across an organization to inform decision-making. Fewer than 20% of bank executives who responded to a separate survey said their organization was well-prepared to manage data.
In our latest FIS position paper Banking on Analytics: Why Data Is Your Secret Weapon, we apply our industry expertise to examine the data dilemma so many financial institutions struggle to overcome:
- What factors have led financial institutions of all sizes to become paralyzed by their own breadth of data?
- How can those who manage to harness their data leverage it into a state of the art intelligence system that equips them to drive business results, remain relevant in an increasingly demanding payments ecosystem—and potentially, emerge as leaders in it?