4 Benefits to Becoming Digital and Data-Driven in Financial Services

mavenwave.com | February 12, 2020

4 Benefits to Becoming Digital and Data-Driven in Financial Services
The current explosion of volume in data coupled with the emergence of new tools and processes on the public internet has created a near-perfect storm when it comes to generating opportunities for the enterprise. In addition to the creation of all new forms of business think of Netflix and Uber the abundance of expansive data that can be utilized in cost-efficient applications can also drive insight and innovation in previously unimaginable ways. As explored in our white paper, Breaking the Mold to Become a Digital, Data-Driven Leader in Financial Services, innovation is not solely the province of disruptive start-ups as highly regulated and culturally conservative organizations also have the opportunity to embrace the best of new technologies and, at the same time, stay true to core values and principles. It may be patently obvious that an effort to become a data-driven leader will necessarily include advanced data analytics, but it is instructive to unpack some of the benefits that accrue from such an effort. For example, it accelerates the pace of change, shortens innovation cycles, enables previously siloed data to be integrated in order to produce new insights, and enhances both the customer and employee experience. Importantly, these new analytic capabilities are just that: new. The enterprise is not bound by old, outmoded methods to viewing situations but can, instead, take brand-new approaches that yield unique insights. The possibilities are potentially limitless.

Spotlight

Big data and analytic initiatives within enterprises have been rapidly maturing from experimental efforts to production-ready deployments. Businesses are increasing pressures on IT to extract greater value from information generated by web, social media, mobile, and other untapped data sources while making it easy to support a larger user population and allow for greater insights from the existing environments. In planning and revamping analytical efforts, embracing big data projects, such as Hadoop, as part of the enterprise architecture is becoming a crucial part of strategic efforts to drive competitive advantage in making decisions and running operations.

Spotlight

Big data and analytic initiatives within enterprises have been rapidly maturing from experimental efforts to production-ready deployments. Businesses are increasing pressures on IT to extract greater value from information generated by web, social media, mobile, and other untapped data sources while making it easy to support a larger user population and allow for greater insights from the existing environments. In planning and revamping analytical efforts, embracing big data projects, such as Hadoop, as part of the enterprise architecture is becoming a crucial part of strategic efforts to drive competitive advantage in making decisions and running operations.

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