Financial service firms are fighting to maintain market competitiveness in the face of an increasing pace of change within the industry. The leading challenge is creating a better digital experience for consumers and equally important the front-line support staff that communicate with consumers on a daily basis. In addition to improving customer satisfaction, the opportunity to create new revenue opportunities for the financial institution is a key factor driving digital transformation.
But transformation doesn’t come without effective data management and overcoming the “data rich, information poor” status quo. How will large financial firms build new data analytic capabilities that take advantage of new machine learning techniques and create new data retention policies that take into account the new world of opportunity offered by emerging data analytical tools? Financial institutions are going to have to make some fundamental changes, or risk becoming obsolete.