Key Obstacles Preventing a 5-Star Review Whether you’re an up-and-coming fintech or a financial juggernaut, delivering a great customer experience (and hopefully, earning a 5-star review) is paramount. Of course, at the same time, you must also meet the demanding needs of the organization you work for. Here are seven key reasons why your existing risk decisioning “ecosystem” is preventing you from doing both.
1
Lack of Access to Real-Time and Historical Data
We all know that data and analytics are the key to smarter decisioning, but if the right people can’t access it, they can’t use it. Just like flights for your vacation, imagine if you still had to visit 10 different airline sites to see what your options are? It’s time consuming, resource heavy, and you can’t always be sure that you’re seeing the right data you need to make an informed decision. The same applies in credit risk; your risk team might have access to some data sets while your data science team has access to others. To make accurate credit risk decisions your team needs easy access to data across the whole credit lifecycle. Without it, you lose the insights needed to get new products and processes to market faster.
“Only 27% of financial institutions rate the access to data as strong.” Digital Banking Research Report, Jan. 2021
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