Credit, Collections & Insolvency News
A new study has found that third (33%) of leaders in finance sector organisations find it difficult to get the most out of the data they hold, despite it being essential to planning and risk assessment according to Dun & Bradstreet.
The report which surveyed 437 leaders from organisations in the finance sector across 18 countries, revealed that there is a clear need to develop a better understanding of how to make the most of their data. Over a third (36%) struggle to find the time to regularly check the relevancy of the data to the business context, and a similar number (31%) find it challenging to democratise data – making it more widely accessible to employees – for better decision-making.
Over a quarter (26%) of leaders admit that data being in silos is making it difficult for their business to understand all the data they have.
However, when data is successfully leveraged, financial sector organisations are using insights to find new opportunities to drive business growth (33%), increase revenue (32%) and enable better business decisions (31%).
Commenting on the findings, Sara de la Torre, Head of Banking and Financial Services at Dun & Bradstreet, said “New platform entrants in the financial services industry have embedded data and insights into their strategy and operations from the very beginning – enabling them to drive innovation in the sector. For traditional incumbents, the only choice is to embrace the opportunity from new technologies to gain better insights, improve customer experience and stay current’.”
“Regulatory pressures, financial risks and challenges such as cyber security remain a priority. However, financial institutions are changing how they approach these, treating risk management responsibilities as opportunities to drive growth sustainably. Looking ahead, industry leaders must ensure they have a clear data strategy so they can leverage their data insights to make effective business decisions which will help future proof their business’ resilience.”
“Data insights are crucial to creating new revenue streams for both traditional and digital players. It’s not just about targeting new customers, it’s a case of harnessing customer and market data in unique ways to enter new markets or provide value to those existing customers. With yet more talk of a recession being on the cards, finding new avenues to drive revenue and protect business’ fiscal pipeline against risks has never been more important – those that don’t understand how to get the most out of their data may not survive.”
