The Banking and Financial Services (BFS) industry has emerged as a leading adopter of Data and Analytics (D&A) services. BFS firms are gradually transitioning from traditional D&A services, such as data warehousing and data migration, and are integrating complex and innovative analytics solutions to differentiate themselves in a relatively mature market. With significant data assets, BFS organizations can leverage advanced D&A tools/services to enhance operational efficiency, manage fraud, improve stakeholder experience, and drive product/channel innovation.
In this report, we assess the current state of analytics adoption in the BFS industry, highlighting emerging themes such as the need for personalized experiences, data monetization, data on the cloud, responsible artificial intelligence, data for sustainability, and data-driven risk and compliance management that are driving the adoption of data-driven analytics technology and services in the BFS industry. The report also examines high potential and high impact D&A use cases that support BFS enterprises across the value chains of different lines of business such as retail and commercial banking, payments, asset and wealth management, and investment banking. Moreover, the report discusses how enterprises are utilizing the power of data and analytics to prepare for upcoming economic uncertainties.
Scope
Industry: BFS
Services: D&A
Geography: global
The report is based on publicly available information (190 use cases from 120+ case studies), Everest Group’s survey of 100+ midsized and large enterprises, and Everest Group’s proprietary transaction intelligence database
Contents
In this report, we:
Provide an overview of the BFS industry, including the current state of analytics and deal characteristics
Examine emerging themes in BFS that are driving D&A adoption such as the growing importance of personalization, data monetization, data on cloud, responsible artificial intelligence, initiatives taken by BFS firms for data-driven sustainability, and emerging data privacy laws
Analyze analytics adoption and use cases by value-chain segment
Discuss the impact of economic uncertainties on the BFS industry
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