By capturing and leveraging massive volumes of data, financial institutions can capitalize on new data-driven business opportunities. In fact, financial institutions are already well on their way to doing so in four main ways:
- improving consumer experiences,
- optimizing risk controls,
- automating business processes,
- improving operational efficiency.
These are accomplished using a variety of data-driven solutions that customize services and offerings, provide artificial intelligence (AI)-powered communications (e.g. chatbots, robo-advisors), predict and detect risk levels and fraud attempts, automate a wide variety of time-consuming tasks, standardize processes and procedures and provide appropriate data for making well-informed decisions.
As financial institutions continue to see the value from data-driven analytics, it will be important for them to embrace the self-service capabilities that will inevitably come with it by putting data into the hands of employees and allowing them to use the data to unleash innovation, create organizational enthusiasm and develop new ideas. Those that do will be the long-term winners in a data-rich future.