Financial services (FS) firms are custodians of vast amounts of data which is not being used to its full potential; instead, decisions are made on instinct, with trust paid to organizational know-how and experience. Moving from data-apathetic to data-driven decision-making techniques enable organizations to take a scientific approach to making decisions. Companies with a highly data-driven approach to decision-making are three times more likely to report significant improvements in their decisions.
There is a huge opportunity for FS firms to make smarter use of their data in remaining competitive and relevant. In this article, we explore what data-driven decision-making means for organizations and customers alike, and the common challenges that organizations must overcome to create an environment that maximizes the benefits of data.
Contact Joseph Forooghian and Chris Probert to find out more about how Capco can support organizations and customers to become more data-driven.