When it comes to turning data into actionable insights, financial institutions have barely scratched the surface.
According to statistics featured in an infographic on CDW’s FinTalk blog, only 66 percent of banking and capital markets executives are allowing Big Data and analytics to impact their decision-making processes.
That figure seems low when compared with the 77 percent of CIOs who believe Big Data and analytics boost productivity, or compared with the nearly 90 percent of banking an capital markets CEOs who think data mining and analysis are strategically important.
Data management complexities may make many executives reluctant to let data influence their decisions. According to the infographic, 72 percent of bank executives believe the task of managing data is very or extremely challenging.
Thankfully, software intelligence could help bridge the gap between data and insights: More than 90 percent of executives believe the technology will be essential to simplifying IT.
View the full infographic below to learn more about how Big Data has impacted financial services.