Contact Us We cut software testing from weeks to days. Let’s talk for 15 minutes to see if we can accelerate your digital delivery too. Schedule a call with our CEO Ash Conway.
If banks have one advantage over startups and tech companies who have recently entered the field of finance, it is that established banks have considerable experience in building organizational structures that are relatively resilient and functional. This enables them to employ analytics more easily and rapidly than their new competition. The only drawback is that the highly structured nature of banking, that has been built up over many centuries, can cause executives to ignore what analytics is telling them. This isn’t always the case and there are many forward looking banks and bankers.
Modern analytics couldn't have come along at a better time. The marriage of IT and finance has opened up a new era of big data. This has occurred just when stricter regulations, greater loss potential and liquidity problems have created the need for more accurate, timely and relevant information.
Managing risk is now more important than ever and the need to protect both the bank and its customers has become a strategic priority. Business models have changed, yet there still remains the need to acquire profitable customers and to address the needs of those customers quickly and efficiently. In this respect, analytics coupled with established organization gives traditional banks a competitive advantage.
Digital technology has increased the number of financial products and the speed with which these products are delivered to market. The analytics of buying behavior and other customer demographics enables institutions, who have strong organizational and financial assets, to address customer demand more easily and without the need to reinvent the wheel.
The sophistication of modern analytics provides the information that makes innovative solutions possible. The main challenge for traditional banking organizations will be how to integrate all this information into an adaptable and functional business model that retains traditional stability while profitably competing in the new financial ecosystem of the 21st century.
Keep up to date with the latest in beta, bug & product testing.