Data on Demand: The Power of Real-Time Data for Risk Decisioning
In today’s world, it feels like everything is available on demand. You can stream movies, audio books, music, games, and more. You can join a fitness class being run live in a different time zone. You can watch a concert being performed on the other side of the world. Yet, when it comes to the information you need to power business strategy and customer decisions, your data is either buffering, or even worse, not scheduled for release yet. All financial services organizations use data to make informed decisions across the customer lifecycle. But innovative fintechs and financial institutions are pushing the boundaries of what’s possible by using a much greater variety of data to drive superior customer experiences. And they’re doing it in real-time. This evolution of data consumption is powering disruption from the ground up. It’s also driving the need
for data on demand. Partnerships between data and technology providers have made data more accessible, more useable, and more actionable. It’s now easier than ever to capitalize on the availability of data to power the data science and predictive modeling techniques that create world-class consumer experiences and drive business growth. Data is essential to discover and action new business insights that generate business value. There is certainly no shortage of data, but it isn’t just the volume of data but its velocity, richness, and diversity that has increased. And, while most people know this, they often get stuck trying to figure out how to capture the value. What is truly setting leaders apart from the rest of the industry is their ability to innovate with real- time data. To be ahead of your competition, you want to be an early mover in defining how your industry
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