Financial Services Executives Agree: Self-Service Access to Data Increases Revenue, Customer Satisfaction
07 Junho 2016 - 9:00AM
Business Wire
Global study sponsored by Qlik finds more than 80 percent of
respondents believe fully leveraging data-driven insights would
boost annual revenue by at least five percent
Providing customer-facing financial services employees greater
access to data leads to more revenue, reduced customer churn, and
increased customer satisfaction, according to the findings of a
global study by WSJ. Insights, sponsored by Qlik® (NASDAQ: QLIK), a
leader in visual analytics. According to the study, more than four
in five (83 percent) financial services executives agree that fully
leveraging financial and customer data into analytical insights
would represent an increase of at least five percent of their
annual revenue. But less than one out of five companies allows
access to information and data consistently across all departments
or teams, including customer-facing employees on the corporate
frontlines who could benefit from having the information to better
serve customers.
The study, which surveyed 300 global financial services leaders,
confirms that while financial services companies have access to
powerful insights from their data, often this data does not make
its way to employees at the edge of the organization – those who
are customer-facing and need it the most. While a majority of
respondents rate their analytics function as ‘highly effective’ in
terms of two primary objectives: capturing customer information (86
percent) and securing/safeguarding data (80 percent), only about
half the respondents say their organization is effective at gaining
a clear understanding about who needs what information (51
percent). A majority agree that customer-facing functions will be a
priority for expansion of volume and variety of available data (55
percent), and that they will carry out a major transformation of
the entire analytics function (52 percent).
“There’s gold in these servers, and the trick is how we extract
that gold from the ore,” said J.R. Reed, a senior manager for
financial analytics at Deloitte Consulting LLP. “Data is an asset,
a very important asset. Companies have been gathering this
information about their markets and their customers. They’ve been
accumulating all of this information that they can use to
positively impact their customer and positively impact their
business.”
Additional key findings include:
- Organizations are challenged by
communications issues and data complexity: One of the top
internal challenges to getting information to the right people is
the fact that information is spread across a myriad of different,
often mutually incompatible systems (42 percent). Other problems
include critical information being lost due to poor communication
(43 percent) and a lack of recognition of data as a shared
corporate asset (41 percent). In terms of external challenges, a
majority of respondents agree that information is frequently too
complex to be processed, analyzed, and disseminated in a timely
fashion.
- Banks lag other financial industries
in understanding who needs what information: Banking leaders
are more likely than those from other industries to say that their
analytics functions are highly effective (88 percent compared to 76
percent for other industries). But only a minority report high
levels of effectiveness indicating that improvements are needed –
especially in an environment where smaller, more disruptive
companies are finding new ways to capitalize on their customers.
According to the survey, the sector’s analytics functions lag other
industries regarding their understanding of who needs what
information (45 percent compared to 55 percent). This disconnect is
troublesome considering that banking leaders are more inclined than
those from other sectors to believe that their customer-facing
employees are highly confident in making the most of such
information.
- Capital markets organizations are
highly effective in getting information to those who need it most,
but lack confidence: Capital markets respondents are much more
likely than their counterparts to say that their data analytics
functions are highly effective at getting vital information to
those who need it the most (52 percent rating the function at least
8 out of 10 for effectiveness, compared to 32 percent in other
industries). Yet only 42 percent of capital markets executives
believe that line of business leaders, department heads, and
managers are highly confident in using such information to support
business decisions or improving customer outcomes. In addition,
just 36 percent believe that customer-facing employees are highly
confident in fully utilizing information. Most (58 percent) say
they plan to expand the volume and variety of information available
across the organization with a particular emphasis on
customer-facing functions.
- Insurance organizations are less
likely to make customer information consistently available to all
departments and functions: Insurance respondents are more
likely than counterparts in banking and capital markets to say
their organization collects data from multiple sources and have
access to it from anywhere (46 percent compared to 38 percent in
other industries). Yet they are least likely to say that their data
analytics function excels at getting vital data to business units
that need it most (26 percent vs. 45 percent), and also least
likely to say the organization allows access to information sources
and data consistently across all departments, including
customer-facing employees (14 percent vs 20 percent).
- Challenges standing in the way of
self-service data access vary by company size: Small firms are
most challenged by practical difficulties such as internal
communications, systems interoperability, information complexity,
and lack of standards, while large firms are most challenged by
organizational issues such as data ownership issues, end-user
training, and accountability of senior leadership. Large firms are
most likely to say that they plan to carry out a major
transformation of their analytics function (57 percent compared to
52 percent overall) and to expand the volume and variety of
information available across the organization while prioritizing
customer-facing functions (67 percent compared to 55 percent).
Small firms are more likely to say they will invest in new data
infrastructure, including delivery platforms for users across the
organization (52 percent compared to 47 percent).
“Financial Services firms face the analytical perfect storm: the
greatest complexity and frequency of data, combined with the
rapid-fire questions that come from the business,” said Duncan Ash,
Senior Director, Global Financial Services at Qlik. “The person who
can act the fastest in a volatile market stands to profit the most
from their decisions, incentivizing business and technology teams
to work in unison."
For More InformationFor a deeper analysis into the study,
join the roundtable webinar Extending Analytics to the Edges
of Financial Services. Representatives from Qlik, WSJ. Custom
Studios, Citi, and Deloitte will share results from the survey and
discuss a variety of topics, including challenges and opportunities
when deploying self-service analytics and common analytics use
cases across banking, insurance and capital markets. Register
here:
- Americas – June 9th at 2pm ET / 11am
PT:http://go.qlik.com/NAM_Q2_16_WSJ_Custom_Studios_Webinar_Registration_LP.html?sourceID1=PR
- EMEA – June 16th at 10:00 BST / 11:00
CET:http://go.qlik.com/EMEA_Q2_16_WSJ_Custom_Studios_Webinar_Registration_LP.html?sourceID1=PR
- APAC – June 16th at 11am IST / 1:30pm
SGT / 3:30pm
AEST:http://go.qlik.com/APAC_2016_Q2_WSJ_Custom_Studios_Webinar_PRG_Registration_LP.html?sourceID1=PR
About This ResearchThe insights and commentary found in
this report are derived from both a survey and qualitative
interviews with financial services executives. The online survey
was conducted between March 28 and April 29, 2016 by WSJ. Insights
in part of WSJ. Custom Studios, the marketing research unit of The
Wall Street Journal. The 300 respondents were evenly distributed
across North America, Europe and Asia. They were spread evenly
across the banking, capital markets and insurance sectors, with 60
percent of the companies represented reporting annual revenues
greater than $1 billion. Thirty percent of the respondents were
C-suite-level technology executives (including CIOs and CTOs),
while 21 percent were financial officers (including CFOs) and 15
percent were operations executives (including COOs). Twenty-one
percent categorized themselves as directors, executive directors,
vice presidents or senior vice presidents.
About WSJ. Custom StudiosWSJ. Custom Studios, the content
marketing division within The Wall Street Journal's advertising
department, crafts stories that engage consumers and elevate the
conversation for brands. Its global team of award-winning editors,
designers and interactive developers are all held to the high
standards for which The Wall Street Journal is known, resulting in
highly original and credible content that resonates with the
client's target audience. The Wall Street Journal is a global news
organization that provides leading news, information, commentary
and analysis. Published by Dow Jones, The Wall Street Journal
engages readers across print, digital, mobile, social, and video.
Building on its heritage as the preeminent source of global
business and financial news, the Journal includes coverage of U.S.
& world news, politics, arts, culture, lifestyle, sports, and
health. It holds 36 Pulitzer Prizes for outstanding journalism.
http://www.wsj.com.
About QlikQlik (NASDAQ: QLIK) is a leader in visual
analytics. Its portfolio of products meets customers’ growing needs
from reporting and self-service visual analysis to guided, embedded
and custom analytics. Approximately 39,000 customers rely on Qlik
solutions to gain meaning out of information from varied sources,
exploring the hidden relationships within data that lead to
insights that ignite good ideas. Headquartered in Radnor,
Pennsylvania, Qlik has offices around the world with more than 1700
partners covering more than 100 countries.
© 2016 QlikTech International AB. All rights reserved. Qlik®,
Qlik Sense®, QlikView®, QlikTech®, Qlik® Cloud, Qlik® DataMarket,
Qlik® Analytics Platform, Qlik Connectors™, and the QlikTech logos
are trademarks of QlikTech International AB which have been
registered in multiple countries. Other marks and logos mentioned
herein are trademarks or registered trademarks of their respective
owners.
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QlikToni Iafrate, 617-658-5310toni.iafrate@qlik.com
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