Overcoming Data Challenges for Innovation in Financial Services
A Bloor InContext Report
Innovation starts with an idea and a vision. It takes root through people accepting the need for change, but it relies on the availability of good quality, accessible, and timely data to deliver both the insights that identify opportunities for innovation and the evidence that innovation is producing the desired improvements.
Traditional financial services firms have often faced challenges when looking to innovate as legacy IT systems have been a barrier to their transformation. However, the growth of fintechs, empowered by the cloud and digital native technologies, and the encroachment into provision of financial services by major technology companies like Amazon, Google and Apple have challenged traditional banks and insurance companies to become more agile and customer focused.
We think this analyst report will be of interest and relevance to senior business leaders, CIOs and CDOs (Chief Data Officers) in both traditional financial services organisations and newer fintechs who are looking to understand how to overcome the challenges of providing timely, relevant, and high-quality data to drive innovation. In it Bloor looks at the importance of data in helping traditional financial services companies to innovate and keep pace with changes in their industry. The report considers the challenges and barriers preventing senior business leaders from using their data to greatest effect.