Most financial institutions recognize that data should lie at the heart of strategic decision-making. With technology playing an increasingly central role in every aspect of business operations, data can make a business more agile, more client-centric, and ultimately, more profitable.
However, the use of advanced data analysis tools is still relatively new and many institutions are finding their way. This prevents them from making well-informed, strategic decisions, often at a high cost to themselves and their clients. But how can an institution create an environment in which data-driven decision-making becomes the norm rather than the exception? To start with, institutions must craft data analysis tools that meet the needs and preferences of the users within the business to ensure that they are relevant and actually utilized.