The financial services industry has a vast reservoir of data on their customers, but is in the infancy stage of utilizing this data for financial or competitive gain.

The vast majority of banking and financial firms globally believe that the use of insight and analytics creates a competitive advantage. The industry also realizes that they are sitting on a vast reservoir of data and insight that can be leveraged for product development, personalized marketing and advisory benefits.

in the past, most ‘big data’ strategies being implemented by the financial services industry have begun by initially identifying business requirements, then leveraging existing infrastructure, data sources and analytic capabilities before incrementally expanding sources of data, technology and analytic tools. This ‘slow to go’ progression, while viable in the past is not keeping up with consumer expectations on how they want their financial partners to partner with them.

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