Banks gained some early wins through customer data analytics in the areas of cross-selling and other Business Intelligence use cases, but Big Data Analytics has since penetrated many areas. With the introduction of PSD2 etc., however, banks will not be able to hold on to exclusive customer data access advantage for long. Customers will soon own their own data, and other nimbler players will have equal access to it.
The time is ripe for banks to explore the maximum possible usage they can put this data to, including developing operational, marketing and business model advantages.
Banks often experience that this is easier said than done. In their endeavor to use data analytics as an enabling force, banks are facing a number of challenges, both at the strategic and operational levels. These include issues with scaling up pilot projects, securing internal buy-in, and preparing and analyzing datasets varied in formats and sources.
The aim of this report is to help banks arrive at an effective Data Analytics strategy by identifying the problems and suggesting practical solutions. It looks at the challenges in a bank’s journey in achieving actionable insights from an ingrained analytics process and suggests strategic and operational best practices to create and execute an implementable vision. It includes: