How to transform your bank into a data-driven organisation?

Abstract

A company's success depends heavily on the way they manage their data. Effective utilisation of data is fast becoming the centrepiece of organisational business models and strategies. There are, however, huge gaps between how things should be and the current reality in terms of how data is managed. This paper groups the challenges faced by organisations into three categories: people, process and technology. It then presents the need for organisations to become data driven in order to address the challenges in a structured way and derive maximum benefits out of their data. The data-driven framework comprising four dimensions: organisation, data management, data governance and analytics, is introduced, followed by detailed explanation of each dimension and capabilities within that dimension. In the analytics section, real-life examples from several companies are included to highlight the benefits of analytics applications to business scenarios.