Analytics in Financial Services: Time to appreciate the value


Around 1980s-1990s, Information Technology (IT) Systems transformed every manual operational and business bank process to a digital one, reducing in this away unnecessary costs and improving upon efficiency and speed. Today, the Financial Services Industry is undergoing a major transformation driven by big data technologies and predictive analytics, moving towards a formal, critical and data-driven decision making approach and shifting away from empirical and ad-hoc procedures. According to Toos Daruvala, director in McKinsey’s New York office, “Every single major decision to drive revenue, to control costs, or to mitigate risks can be infused with data and analytics”. The adoption of new [...]