The Financial Brand, US: Cognizant’s Vice President, AI & Analytics Practice, Discusses Trends in Financial Institution Data Analytics

“Many banks invested in cool new enterprise database technology to bring all their data together to get a complete profile of the consumer,” says Poornima Ramaswamy. “But in the last 24 months, I’ve seen a lot of these programs stop.” Excerpts:

“Panel participants said many data initiatives in banking fail because senior-level executives don’t involve themselves sufficiently in the organization’s transition. This reality has, in turn, impacted how much institutions are willing to invest in data capabilities. However, panelists say the answer isn’t to stop investing in data analytics, but rather to change expectations and to better educate people about the new capabilities.

While there is the possibility of finding ‘gold’ in the volumes of data within a financial institution, Ramaswamy said there are ‘a lot of other ‘minerals’ as well — not all of them usable.’ She said a sizeable investment in people, management, training, and culture is needed to find and use what gold there is.

‘We now recognize that it’s not even just about being data driven,’ said Ramaswamy. ‘It’s about being a data-insight-driven organization — making informed decisions and taking the right action.’

Click here to read more.