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Big data: Time for a lean approach in financial services

Time for a lean approach in financial services


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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.

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