How data is the key to unlocking innovation within Australian financial services
Are you struggling to keep up with rapidly changing consumer preferences? If so, you’re not alone. For banks and fintechs, the challenge to keep pace with changing customer needs and expectations becomes greater as choice increases, and digitisation takes hold. For this reason, data is becoming more crucial to driving decisions that achieve greater levels of innovation, and customer attraction and retention. Customer data empowers financial organisations by achieving better visibility for risk management, and helping quickly uncover new opportunities to retain, support, and grow your client base. Without data, you can’t expect to fully understand your market and your customers, and without a good understanding of both, it won’t be long before your competitors leave you in the dust.
However, if you harness your data effectively, it can be the catalyst for innovation that generates new revenue streams and lets you deliver customer experiences that your competitors simply can’t match. The good news is that you’re already sitting on a wealth of data that holds the key to unlocking innovation. You just need to know how to unlock the full potential of your data.
A recent InterSystems survey of financial leaders in Asia Pacific found that many banks and fintechs struggled to innovate due to a lack of accurate, real-time data insights.
‘The top data and technology challenges in financial services across Asia Pacific’ survey found that data silos were creating huge data challenges, with 87% of financial firms experiencing frustrations and concerns using their data to drive decision-making. At the same time, 45% of respondents didn’t have the necessary access to report on all the relevant data, so had to make business assumptions, rather than informed decisions, based on data summaries.
In the data age, making assumptions is bad for business. Designing a new product or service based on a strong intuition is one of the biggest problems businesses contend with. However, it’s also one of the most common, even in large enterprises. Fortunately, you can avoid making assumptions and quickly adapt to a data-centric world by achieving a 360-degree view of your customers. With access to real-time data, you can unlock innovation and new levels of organisational performance that lets you gain a true competitive advantage in a volatile market.
InterSystems helps some of the world’s leading banks to unlock the power of their data through modern data management technologies that help break down information silos and deliver a real-time, consistent view of information from many disparate sources. The InterSystems IRIS data management platform is a next-generation cloud solution that gives financial services organisations a comprehensive view and real-time analysis of the business and its customers. This helps banks and fintechs better adapt to changing customer behaviours, while consistently improving customer experience across different touchpoints and devices, no matter where the customer is at during their buying journey.