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Golden Opportunity For Financial Services

Golden Opportunity Financial Services

Financial firms learn to love customers by extending data analytics.

Imagine billions of dollars are locked in a safe sitting in front of you and your colleagues.

You have one number of the combination, which you have been instructed not to share with anyone. You don’t know it, but your colleagues are in the same predicament. Each of you is closely hoarding one number. None of you know what the others have. And each of you is so close, yet so far, from being able to open the safe.

Banks, insurance companies and other financial-services firms around the world are in just that fix. They have long possessed mountains of customer data and information that could help them generate greater profits and enhance customer satisfaction. But because the information is spread among multiple people in multiple departments across multiple databases systems, most financial-services companies are only now learning how to pull all of their information together and share it with their employees in a way that will help them operate more efficiently and profitably. Some companies are moving along much faster that others.

But here’s the problem

Fewer that one in five financial service companies allows access to information and data consistently across all departments or teams, including critical “customer-facing” employees on the corporate frontlines who could benefit from having the information to better service customers, according to a new study released by WSJ. Custom Studios and Qlik Technology Inc., a leader in visual analytics.

The survey researchers questioned 300 high-raking executives at financial institutions worldwide. The survey found that proponents of greater data usage by front-line employees have their work cut out for them getting their companies on board.

    • 50% of the company officials surveyed clearly understand who in their operations needs what information to best do their jobs.
    • 60% believe that their front-line employees lack the confidence to effectively use analytics tolls.
    • Fewer than one in five plans to substantially enhance their company’s ability to deliver analytic insights to every part of their organisation.

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Golden Opportunity Financial Services

“Financial-service firms are missing a golden opportunity to grow their revenues and profits by embracing analytics,” says Duncan Ash, senior director, global financial services at Qlik. “This survey has identified that customers-facing employees have the most to gain from analytical insights, but that they are the group that is least well-served by the business.”

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