THE RESULTS ARE IN…
A recent global study revealed that 83% of the 300 financial services executives surveyed agree that fully leveraging financial and customer data into analytical insights would represent an increase of at least 5% of their annual revenue.
The study revealed that while financial services companies have access to powerful insights from their data, these insights don’t make it to the employees at the edge of the organisation – customer-facing employees on the corporate frontlines who could benefit immensely from having the information at hand to better serve customers.
Here are some key results from the survey
- Less than 20% of companies allow access to information and data consistently across all departments, including customer-facing employees.
- 86% agree that their analytics function is ‘highly effective’ in terms of capturing customer information.
- 80% believe that their analytics function is ‘highly effective’ it is securing/safeguarding data.
- 55% of respondents agree that customer-facing functions will be a priority for expansion of volume and variety of available data.
DATA IS AN ASSET, A VERY IMPORTANT ASSET. COMPANIES HAVE BEEN GATHERING THIS INFORMATION ABOUT THEIR MARKETS AND THEIR CUSTOMERS. THEY’VE BEEN ACCUMULATING ALL OF THIS INFORMATION THAT THEY CAN USE TO POSITIVELY IMPACT THEIR CUSTOMER AND POSITIVELY IMPACT THEIR BUSINESS.
– J.R. Reed, a senior manager for financial analytics at Deloitte Consulting LLP
SMALL FIRMS V’S LARGE FIRMS
- Small firms are most challenged by practical issues: internal communications, systems interoperability, information complexity and lack of standards.
- 52% of small firms say they are more likely to say they will invest in new data infrastructure, including delivery platforms for users across the organisation.
- Large firms are most challenged by organisational issues: data ownership issues, end-user training and accountability of senior leadership.
- 57% of large firms plan to carry out a major transformation of their analytics function.
- 67% of large firms plan to expand the volume and variety of information available across the organisation while prioritising customer-facing functions.
THE PERSON WHO CAN ACT THE FASTEST IN A VOLATILE MARKET STANDS TO PROFIT THE MOST FROM THEIR DECISIONS, INCENTIVIZING BUSINESS AND TECHNOLOGY TEAMS TO WORK IN UNISON.
– Duncan Ash, Senior Director, Global Financial Services at Qlik
According to this global study, providing customer-facing financial services employees greater access to data leads to increased revenue, reduced customer churn and increased customer satisfaction.
The study was carried out by WSJ. Custom Studios (the content marketing division within The Wall Street Journal) and sponsored by Qlik® (NASDAQ: QLIK), Satsumas technology partner. See the source article by clicking here.
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