Big data: Time for a lean approach in financial services
A lean approach will help organisations focus only on the data needed to deliver specific business outcomes
The proliferation of so-called ‘big data’ and the increasing capability and reducing cost of technology are very seductive for retail financial services organisations seeking to improve their customer engagement and operational performance. But many simply do not appreciate the real costs – in terms of money and time – that burden ‘big’ approaches to big data programmes. And very few understand that the strength and quality of customer engagement bear little relation to the tools that have been bought.
Rather than rushing into big data programmes, organisations need to invest in a ‘lean’ approach to data and analytics, which will align all business capabilities, including strategy, people, process and technology, towards a more socially connected customer.
Five simple steps an organisation can take to start a lean approach to big data:
- Develop awareness
- Build a strategy and roadmap
- Learn and expand
Taking a lean approach, financial institutions will be able to invert the traditional service model, placing customers and the social community at the centre of everything they do. Products and services will be personalised, dynamic and built from the customers’ perspective.