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The race is on in the financial services sector to innovate and identify new opportunities for growth. Digital transformation is around every corner and major disruptors are appearing seemingly overnight. Luckily, effective insights management can help researchers and decision makers in the financial services industry overcome these challenges.
Challenges faced by the financial services sector
1. Losing touch with customer needs and expectations in a digital environment.
The customers of today increasingly want to manage their finances digitally. But the migration to mobile apps and virtual banking has given rise to a brand new set of consumer behaviors and expectations. For instance, a recent EY survey suggests that nearly half of consumers have changed the way they bank in the wake of the COVID-19 pandemic. So as financial institutions adapt to new digital realities, how do decision makers avoid losing touch with the needs and behaviors of their customers?
Simply put, financial services and institutions are being inundated with new consumer and market intelligence. Ineffective insights management is one of the primary obstacles these organizations face when looking to capitalize on this data. However, companies that can quickly and organize and develop new insights will remain one step ahead of their competition. This is why financial services, banking, and insurance companies that leverage their insights teams’ expertise across all business units will see better decisions being made on a daily basis.
But some research teams have a secret weapon: insights technology. Today’s most innovative financial services companies understand they need a central workplace for all their customer intelligence. An end-to-end insights platform empowers their decision makers with curated, actionable insights that keep the customer close and the business thriving. An enterprise solution for insights engagement ensures the business stays on the pulse of what customers want from their financial service providers.
2. Competing with market disruptors.
In a landscape where FinTech is snatching up more and more of the value chain, banks have to quickly make sense of their competitors’ offerings and continuously benchmark themselves against an increasingly crowded market. If firms don’t have real-time information on their competitors, they lose the ability to remain agile.
Insights teams must bring together continuous waves of structured and unstructured data in a way that makes it easy for decision makers to act. Unfortunately, most legacy knowledge management systems can’t handle the volume of information coming in, let alone quickly transform it into actionable insights to inform competitive decision making.
With the right insights management and engagement technology, financial services, banking, and insurance firms can get ahead of the curve by, in a sense, supercharging their insights function. A robust insights platform drives a better understanding of your competitors’ strategies, tactics, and value propositions, so the business can make quick decisions with a strong fact base and sound judgement.
3. Staying compliant with changing financial services regulations.
The financial services industry faces an ever-shifting regulatory landscape. Insights professionals, decision makers, and all the movers and shakers in the business need to bend, shift, and move right in step with a multitude of regimes and jurisdictions governing the sector. And if they don’t? It’s a huge business risk with far-reaching reputational costs.
Effective insights management can help FinServ insights professionals and researchers balance agility and efficiency with compliance. Implement an end-to-end insights platform and ease the increased workload changing regulations inevitably brings to your team. What’s more, an end-to-end insights platform will allow your insights team to share updated insights related to regulatory changes and set the business up for success within complex regulatory frameworks.
Without an insights solution to connect the dots, decision makers face information overwhelm, which is known to lead to poor decision making, and opportunities lost (that your competition grasped months ago).
Insights powered by Market Logic
In the rapidly changing financial services sector, you have diverse business units that need relevant and timely insights. From investment, insurance, wealth management, retirement, personal finance to corporate finance, you’re in a high-pressure, high-stakes environment, and your insights team has to avoid slow-to-develop insights communicated too late to be useful for your business units.
We get it. If you want your insight function to deliver on all the points above, your insights technology has a big job to do. Market Logic develops tailored insights tools for FinServ insights, intelligence, and research teams, so you can easily uncover insights, tell stories, distribute news, and conduct research that keeps the business competitive. For more information on how our platform helps the financial services industry drive insights-driven decisions, click here.