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New Research from the International Institute for Analytics Examines Analytics Maturity Levels in Financial Services Industry

New research released today from the International Institute for Analytics (IIA) explores the relationship between data-driven decision making, analytics maturity and success in the financial services industry. Sponsored by customer experience management solutions company NGDATA, this research found that, while financial institutions are aware of the need to be more data-driven, they are lagging far behind digital native companies in their effective use of data.

For the study, IIA conducted a quantitative analysis on 17 key competencies that differentiate high and low performing analytics. While financial services was the second highest-scoring industry, earning high marks for understanding the importance of analytics and making efforts to be more data-driven, financial institutions nevertheless lagged far behind digital native companies. Even high-scoring financial firms, the report cites, “are highly data-oriented, have analytical tools, and make wide use of analytics. However, there remains a lack of commitment to fully compete on analytics or use it strategically.”

“This research demonstrates that financial services companies, while able to see the value of analytics, are unable to mobilize their organizations around them. This has created an opportunity for technology companies to disrupt their business by delivering what today’s consumers want - value from their service providers,” said Luc Burgelman, CEO of NGDATA. “Financial organizations demonstrated a keen understanding around the need to be more data-driven, but it’s critical that they make the step towards operationalizing analytical insight, especially when it comes to connecting with their customers and preserving their business against the digital natives. Organizations need to transform the customer experience by integrating data across all channels and generating impact from analytics.”

The IIA report examines where organizations fall within a five-stage maturity model. The financial services industry collectively achieved Stage 3 – Analytical Aspirations – a category defined by an understanding of the value of analytics and data-driven decision making but an inability to infuse it into their operations. In order to achieve Stage 5 – Analytical Nirvana, in which organizations use analytics across the entire enterprise, both as a competitive differentiator and in strategy – financial services companies must leverage technology solutions that help them close the gap between their industry and digital native companies and become more customer-centric.

The research also showed a positive correlation between a company’s analytics maturity score and its adoption of analytics for marketing and customer engagement: areas in which digital native companies excel at using analytics. Financial services companies were far less likely to use analytics in these areas. However, a separate survey from NGDATA announced recently found that customer expectations are at an all-time high, especially among millennials, and that banks must commit to exceptional, personal experiences fueled by analytics to retain customers. Combined, these findings demonstrate a clear path to disruption for digital native companies if financial services firms aren’t able to engrain strategic use of analytics across their organizations to improve the customer experience and create business value.

The IIA study examined 28 market-leading financial services companies, examining the analytical maturity of US banks, Canadian banks, wealth management firms, credit unions, credit card processing companies and insurance companies. Participating organizations included American Express, Bank of America, Goldman Sachs, JPMorgan Chase, MetLife, Visa, and Wells Fargo, among others.

To learn more about the research from IIA and NGDATA, including key takeaways for financial services companies, please visit https://www.ngdata.com/iia-research-brief-analytics-transforming-financial-services/

About IIA
The International Institute for Analytics (IIA) is an independent research and advisory firm for organizations committed to accelerating their business through the power of analytics. Co-founded by Tom Davenport and CEO Jack Phillips in 2010, IIA works across a breadth of industries to uncover actionable insights from its global network of analytics practitioners and industry experts. IIA members benefit from access to experts and peers, an extensive research library with documented best practices, faculty-moderated executive roundtables, phone conversations, webinars and events. IIA also provides analytics maturity assessments, and dynamic inquiry and consulting services, allowing business leaders and analytics professionals to keep their fingers on the pulse of analytics in the new data economy. For more information about IIA, and how you can become a member, visit http://www.iianalytics.com or call 503-467-0210.

About NGDATA
NGDATA® helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences. The company’s next-generation customer data platform, Lily™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences for companies such as Belfius Bank, Innogy and Telenet. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific. For more information, please visit www.NGDATA.com.

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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