In the 70s and 80s, banks relied on highly trained technical specialists to make sense of database modelling. This meant that only the very large players could undertake such analysis, and even then, the data grew out of date the moment someone printed it out.
Now, institutions of all sizes in the marketplace can connect and analyse data to drive better business decisions. Presentation has become key, as visualisations and dashboards enable entry-level understanding to deeper analytical trends . What used to take weeks can now take moments.
The adoption rate for business intelligence and analytics software is on the rise. Advanced analytics use is also on the rise, as companies begin to interact with big data, seeking to operationalise findings from enormous data sets.
While big data analytics remains the realm of larger organisations, who still use it sparingly, placing business intelligence and analytics at the centre of the business is set to become a real differentiator as we move into a new decade. But where does the market sit when it comes to the deployment of actionable data analytics platforms? What are their customers demanding from them when it comes to insights? Is it better to build, buy, or acquire? Is the cost of deployment, and the cost of time, keeping institutions from taking the plunge? In the wake of remarkable and industry-shaking year in 2020, how have perceptions been moulded by digital acceleration?
This market survey and analysis seeks to answer some of those questions and provide a snapshot of the banking industry’s relationship with its data, and indeed the providers and partners through which that data is analysed.