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Earlier in the week I discussed the need for financial services institutions to transform themselves into information-led organisations (Click here to read last week’s blog). I followed this by discussing two of the four key imperatives for consideration when making this transition. In this blog I will go into detail about the remaining two key imperatives.
3)Drive innovation while managing cost – Innovation in the financial services industry is extremely important when attempting to maintain competitive advantage. Unfortunately, innovation is often costly and is quickly copied by competitors. Therefore, continuing to innovate is an important factor in differentiating yourself from your competition but at the same time how do you do this while managing costs? By centralising data, effectively utilising data, drawing on customer insights as well as analysing regulation and risk, financial institutions can successful innovate while keeping costs to a minimum.
4)Optimise enterprise risk management – Financial services firms should be looking to develop and utilise their information base to analyse risk across the organisation. This risk mitigation may include more than just regulatory compliance but also include risk associated with pricing and execution of the organisations strategy. Out performing organisations use real-time data to understand and manage risk across the various components of their business. Additionally, a key feature of information-led organisations is that their analytical competency allows them to be proactive rather than reactive in their approach to risk mitigation.
Focusing on these 4 imperatives will see your institution take full advantage of an information-led transformation that leverages customer insights, responds to uncertainty, creates competitive advantage, reduces cost, decreases complexity, streamlines its operations and is predictive rather than reactive.
So where do your start or accelerate your journey towards an information-led organisation? Get in touch with us here.
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