Just about every financial services company that I talk to wants to tap big data to unlock more accurate market predictions, minimize risk and personalize product offerings and advice. Yet despite significant investments in analytics, many of these companies still rely too much on intuition and gut instinct while their big data projects flounder. What’s going on? All too often, there’s a disconnect between what the business needs and what analytic implementations actually deliver.
Here’s a common issue that I see: business stakeholders don’t get involved early enough in analytics initiatives, assuming that IT experts will magically lead the way to big data nirvana. This is backwards, as every technical consideration is ultimately dependent on what the wealth managers, risk analysts, traders and other key front-line stakeholders in the organization need to achieve. When it comes to big data and financial services, here’s what the data side of the house wishes the business side would understand:
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