Leading financial services institutions are constantly exploring new ways to develop insights across customers and markets. And although seeking the information advantage is nothing new in the industry – the ability for leading firms to incorporate new types of data from inside and outside their firms is producing results. These firms have been able to incorporate data from a wider pool of digitally available information that is now easier to access, manage and make sense of than ever before.
In the most recent study on big data from IBM Institute for Business Value in collaboration with Said Business School at the University of Oxford, we found that 71 percent of these banking and financial markets firms report that the use of information and analytics is creating a competitive advantage for their organizations, compared with 63 percent of cross-industry respondents. The number of firms reporting an advantage in this area has nearly doubled in just two years when compared to a similar study in 2010.1
To compete in a consumer-empowered economy, it is increasingly clear that banks and financial markets firms must leverage their information assets to gain a comprehensive understanding of markets, customers, channels, products, regulations, competitors, suppliers, employees and more. Financial institutions will realize value by effectively managing and analyzing the rapidly increasing volume, velocity and variety of new and existing data, and putting the right skills and tools in place to better understand their operations, customers and the marketplace as a whole.
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