![]() ![]() The trick is actually taking advantage of the data that’s already been gathered. “All of these local transactions have migrated more and more to online platforms, which have provided a lot of additional information to financial services institutions to mitigate those sorts of transactions and make far more services available.” “It’s really provided jet fuel to the digitization of identity in general, and it’s a vision of that data where we’ve migrated from person-to-person cash transactions,” he says. Such opportunities for data-driven growth during the pandemic exist for the financial services field as well, says Jeffrey Feinstein, the vice president of global advanced analytics strategy for LexisNexis Risk Solutions. Retailers have found ways to better service customers even amid the disruption caused by COVID-19. In fact, other industries are finding success with data at a rate three times that of banks. Research from McKinsey has found that while sectors such as pharmaceuticals and energy have successfully leveraged data-driven opportunities for growth, the banking industry has struggled to use data analytics in their offerings, costing them potential opportunities at big wins. Data analysis is an increasingly important tool to help businesses across industries make decisions that keep them moving and improving, but the banking industry may not be fully taking advantage of those benefits.
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