Big data

Insights

Big data

Time for a lean approach in financial services

September 2012

Rather than rushing into big data programmes, organisations need to invest in a ‘lean’ approach to data and analytics, which will align all business capabilities, including strategy, people, process and technology, towards a more socially connected customer.

A lean approach to big data is a stepping stone to social finance

The proliferation of so-called ‘big data’ and the increasing capability and reducing cost of technology are very seductive for retail financial services organisations 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 programmes. 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 programmes, organisations 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, organisations can create a positive groundswell of support in favour of their products and services. Lean offers something unique and inspiring, something that connects with customers and inspires loyalty and trust.

Did you find this useful?