TECH BUYER Nov 2020 - IDC Perspective - Doc # AP46945320

Rethinking Big Data and Analytics Within Financial Services: Using Actionable Intelligence for Results

By: Michael Sek Pheng YeoSenior Research Manager, Keith B. Carter, Chia Yao Jun

Abstract

Banks and other financial institutions across the world have long identified data as being the key to unlock their hidden potential, which can lead to improvements in revenue, capabilities, and performance. However, a significant number of organizations still struggle with many facets of data analysis, including what data to collect, how to approach analysis, and what pitfalls to avoid. In this special joint paper with the National University of Singapore (NUS) fintech lab, IDC examines how to refocus data analysis efforts using the concept of actionable intelligence, which provides technology with a whole new way of thinking and approaching how to solve the conundrums of extracting the most value out of data.

Michael Yeo, senior research manager, IDC Asia/Pacific Financial Insights, says, "Too many banks still place their focus on collecting more data or more in-depth data when in reality looking at external data sources or adding much needed time-related context to the data they already have would deliver the best value. Actionable intelligence, as proposed by Professor Keith Carter from the NUS fintech lab, provides a pair of fresh eyes on a topic at the forefront of many CIOs' minds — how do I get the best value from my data?"


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