All industries operate in an environment of constant flux, but the explosion of connected digital technology has caused the pace of change to accelerate significantly. In recent years we have moved swiftly from talking about the potential of big data, to being able to act on insights derived from it. Today’s datasphere is significantly larger thanks to the growth of non-traditional data sources, specifically consumercontributed data such as bank account transactions. The emergence of these new and valuable data sets, combined with great strides in advanced analytics and technology, now offer us the chance to enhance the entire value chain.
However, while data and analytics provide significant opportunities for growth and improvement, an ongoing climate of financial uncertainty means we also have many challenges to overcome. Every quarter brings new questions for organisations. How will changes in banking laws and regulations affect profitability? Which stress scenarios should be considered? Who are the current ‘high-value’ customers – and which have the highest opportunity for revenue growth?
In this paper, we will take a considered look at the implications of the current turbulent economic landscape, and explain why a granular, fact-based approach to risk assessment is needed, now more than ever. New section topics covered in this whitepaper:
Explored in this whitepaper:
- Considered attitudes and impacts
- Empowering customer management with control and insight
- Considering additional variables and the benefits
- Using non traditional data
- Financial inclusion for growth
- Understand the supply chain decision
- Creating the opportunity for better risk management
- Risk in a open data world