Data-savvy banking organizations will destroy everyone else
To prepare to succeed in an increasingly competitive banking environment, banks and credit unions will need to become intelligent organizations, enabling quicker, insight-led decision making. More than ever, the winning financial institutions will leverage data, analytics and new talent to transform their organizations internally and engage with consumers to meet their ever-changing expectations.
Digital technologies, exploding data availability, and increasing consumer expectations are the driving forces behind the need for banks and credit unions to transform how they do business and move toward being intelligent organizations. According to a study from Accenture and HfS:
- Nearly 80% of organizations are concerned with disruption and competitive threats, especially from new digital-savvy entrants.
- Data is rapidly becoming a key driver of operational and competitive advantage. That said, nearly 80% of respondents estimate that 50%-90% of their data is unstructured from a variety of sources. Few are adequately prepared to leverage this data in real-time and for the consumer’s advantage.
- A strong customer experience strategy is the most significant driver of internal agility, yet nearly 50% of enterprises say their back office is silo-based and unable to support a seamless digital flow.
