Accelerating data analytics: How financial services can learn from other sectors

in partnership with

Teradata

Logo of Teradata

Faster access, better governance, and more powerful analytics at scale—all with lower cost of ownership. Unlock...

View more
Digital Reinvention
Q+
28/11/2022Study

Through one-to-one interviews supported with online questionnaires, Teradata and Qorus have researched the opinions and actions of leaders in data analytics working at some of the world’s largest financial services organizations. The findings highlight areas of significant progress, ongoing innovation and leadership. but they also illustrate areas in which the sector can still adopt best practices which are fueling greater flexibility, resilience and growth in other sectors.

This report paints a picture of an industry in the midst of rapid change. Data analytics has evolved from fringe exercise to a core element in day-to-day operations for most financial services firms. Teams have grown in size, importance and reputation within the business – leading, in many cases, to skills shortages. The leaders are already embarking on the next wave of development, embedding data analytics in more departments and processes while also automating and reusing analytical models to maximize the impact of scare data science resources.

Overall, the study reveals a high degree of consistency across the sector. At the same time, it highlights where financial services would do well to look outside of the industry to plan their next steps to drive growth, stay ahead of emerging players from within and outside the industry and continue to meet the demands of customers.

Regulation can no longer be used as an excuse for slow adoption of innovations in data analytics. Indeed, the area of ‘RegTech,’ using analytics to improve, streamline, automate and future-proof responses to increasing regulation, provides an informative case study of ways in which an enterprise-wide approach to data analytics can drive savings, growth and innovation across an entire organization.

Using data analytics more effectively than your nearest rival is no longer enough. In a digital economy every brand seeking to capture attention and engagement with customers is a potential customer. Financial services need to offer the same personalization, in-the-moment responsiveness, and agility to react to rapidly changing circumstances that customers now expect from any brand they chose to do business with. Acceleration of adoption of data analytics at speed and scale is fundamental to growth and success in this environment.

Want to keep reading?

You are trying to access premium content, currently reserved for Qorus members only. See all the benefits of joining the world’s leading peer-to-peer intelligence organization in financial services.

Digital Reinvention community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

Digital Reinvention
15/05/2025Study

Innovation Radar: Reinvention Awards Europe winners 2025

Discover the most innovative projects from banks and insurance companies in Europe.

Digital Reinvention
15/05/2025Article

Europe’s top financial services innovators honored at Qorus Awards ceremony

Qorus announced the winners of the second edition of the Qorus Reinvention Awards – Europe during an in-person ceremony in...

14/05/2025Article

CalBank strengthens physical distribution to meet the needs of every Ghanaian

CalBank is on a mission to change the way banking looks in Ghana, and they’re doing it with one key...

14/05/2025News

Bank of America expands physical footprint amid digital growth

150 new financial centers planned by 2027, with emphasis on community and accessibility.

Digital Reinvention
12/05/2025News

BBVA scales up ChatGPT use, expands AI access to 11,000 employees

Spanish banking group BBVA has expanded its partnership with OpenAI, increasing its number of ChatGPT Enterprise licenses from 3,300 to...

Digital Reinvention
12/05/2025News

Klarna reconsiders AI push as human touch makes a comeback

Swedish fintech giant Klarna made headlines last year by claiming its AI tools could do the work of hundreds of...

Insurance
12/05/2025News

Generali offers AI-driven savings solutions

Generali in France, a long-established player in online life insurance, has announced a partnership with fintech company Evinance, which specializes...

Digital Reinvention
12/05/2025News

DBS adds new mobile wallet security feature amid rise in phishing scams

The feature, rolling out in mid-May, is designed to prevent scammers from adding phished card details to mobile wallets for...