The Benefits of Data On-Demand for Enhanced Decisioning While more options on your tv streaming service can often result in decision paralysis, where you endlessly scroll through options until you eventually don’t want to watch tv anymore… more data means smarter, and faster decisioning. Real-time data means having the right data at exactly the right time to power instant decisioning; it means you can use more data to improve decisioning accuracy without slowing down approvals; it means powering a better customer experience. It also means that you can combine the power of historical and real time data. For example, predictive analytics and machine learning models trained exclusively on historical data quickly lose their relevance in a world that changes on a daily basis, but a ML model that evolves using real-time data continuously adapts to stay ahead of decisioning risk. It’s more than data on demand; it’s intelligence on demand. More data that is relevant can actually enrich the decision- making processes and create more confidence. More data should reduce your risk. And when this data is used to train models to become better at predicting outcomes, the impact of the insight drives significant value to the business. To take full advantage of real-time, on-demand data, you don’t have to build an interface from every data source. Innovative financial services businesses don’t aggregate the data themselves; they work with technology partners to power these integrations, so that relevant data is made available in an easy to ingest way. The result: their time is spent on deriving value from data and not building interfaces. Data ecosystems are critical, but you don’t have to create them yourself. Your goal is to shorten the time from data to value.
Made with FlippingBook Digital Publishing Software