Global Risk Management Survey, Eighth Edition
Time for a lean approach in financial services
Retail financial services firms are coming under increasing pressure to exploit so-called ‘big data’
Rather than rushing into big data programmes, organisations need to invest in a ‘lean’ approach to data and analytics.
A lean approach will help organisations focus only on the data needed to deliver specific business outcomes.
The proliferation of so-called “big data” and the increasing capability and reducing cost of technology are very seductive for retail financial services organizations seeking to improve their customer engagement and operational performance. But many simply do not appreciate the real costs- in terms of money and time-that burden “big” approaches to big data programs. And very few understand that the strength and quality of customer engagement bear little relation to the tools that have been bought Rather than rushing into big data programs, organizations need to invest in a 'lean' approach to data and analytics, which will align all business capabilities, including strategy, people, processes and technology, towards a more socially connected customer.
A lean approach will help organisations focus only on the data needed to deliver specific business outcomes. The insights they extract will allow customers to engage with their bank or insurer in innovative and exciting ways. For the organisation, lean can help improve productivity and efficiency It can also help to create a lasting and memorable brand in our increasingly digital world.
With a little creative thinking and a focused, lean approach, organizations can create a positive groundswell of support in favor of their products and services. Lean offers something unique and inspiring, something that connects with customers and inspires loyalty and trust.