Accelerating data analytics: How financial services can learn from other sectors

in partnership with


Logo of Teradata

Faster access, better governance, and more powerful analytics at scale—all with lower cost of ownership. Unlock...

View more
Digital Reinvention
28/11/2022 Study

Through one-to-one interviews supported with online questionnaires, Teradata and Qorus have researched the opinions and actions of leaders in data analytics working at some of the world’s largest financial services organizations. The findings highlight areas of significant progress, ongoing innovation and leadership. but they also illustrate areas in which the sector can still adopt best practices which are fueling greater flexibility, resilience and growth in other sectors.

This report paints a picture of an industry in the midst of rapid change. Data analytics has evolved from fringe exercise to a core element in day-to-day operations for most financial services firms. Teams have grown in size, importance and reputation within the business – leading, in many cases, to skills shortages. The leaders are already embarking on the next wave of development, embedding data analytics in more departments and processes while also automating and reusing analytical models to maximize the impact of scare data science resources.

Overall, the study reveals a high degree of consistency across the sector. At the same time, it highlights where financial services would do well to look outside of the industry to plan their next steps to drive growth, stay ahead of emerging players from within and outside the industry and continue to meet the demands of customers.

Regulation can no longer be used as an excuse for slow adoption of innovations in data analytics. Indeed, the area of ‘RegTech,’ using analytics to improve, streamline, automate and future-proof responses to increasing regulation, provides an informative case study of ways in which an enterprise-wide approach to data analytics can drive savings, growth and innovation across an entire organization.

Using data analytics more effectively than your nearest rival is no longer enough. In a digital economy every brand seeking to capture attention and engagement with customers is a potential customer. Financial services need to offer the same personalization, in-the-moment responsiveness, and agility to react to rapidly changing circumstances that customers now expect from any brand they chose to do business with. Acceleration of adoption of data analytics at speed and scale is fundamental to growth and success in this environment.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

Digital Reinvention
28/11/2023 Study

Innovation Radar: Reinvention Awards Asia Pacific winners 2023

Discover the most innovative projects from banks and insurance companies in the Asia Pacific region.

28/11/2023 News

Access Bank's global expansion: Asian debut set for Q1 2024

Access Bank, the pan-African banking giant headquartered in Lagos, is on track to launch its inaugural full banking service in...

Digital Reinvention
27/11/2023 Article

HappyNest's gold win: BNP Paribas Fortis rewriting the future of banking at Qorus-Accenture Banking Innovation Awards

In a momentous achievement, BNP Paribas Fortis secured the coveted gold award at the Qorus-Accenture Banking Innovation Awards 2023. The...

Digital Reinvention
27/11/2023 Video

Keeping the dream alive: Banking innovation 2023 trends

During the ceremony of the Qorus-Accenture Banking Innovation Awards 2023, Antonio Coppolecchia, Financial Services Lead EMEA at Accenture Song, presents...

SME Banking
27/11/2023 News

Bank Saqu: Astra Financial and WeLab's digital solution for solopreneurs

Astra Financial, in collaboration with WeLab, has unveiled Bank Saqu, a new digital banking service designed to meet the unique...

26/11/2023 News

Boursorama unveils "Boursoprime": Loyalty subscription for exclusive rewards

French bank Boursorama has launched "Boursoprime," an innovative loyalty subscription offering exclusive benefits to committed customers. Priced at €9.90 monthly,...

Digital Reinvention
26/11/2023 News

GXBank launches beta version: Malaysia's first digital bank

The beta release, exclusively available to 20,000 Malaysians, follows GXBank's early approval to commence digital banking operations, bypassing the operational...

SME Banking
25/11/2023 Article

Celebrating excellence: Commonwealth Bank of Australia triumphs at Qorus Reinvention Awards - APAC 2023

Commonwealth Bank of Australia was named SME Bank of the Year during the ceremony held in Bangkok on November 22.