2
Reliance on IT Teams to Integrate Systems, Change Processes and Launch New Products
Remember the days when you had to go to a travel agent to book a trip? Your hardcoded systems or inflexible vendor solutions are making you do the same thing. Every time you want to connect to a new data source, make a minor workflow change or launch a new product only increases your reliance on IT or a vendor to execute it. This process is not sustainable for you or your IT team when you want to stay ahead in an increasingly competitive market. It’s too time-consuming and costly—and it slows your time to market, limiting your ability to respond to evolving consumer needs.
3
Limited Visibility into How Your Decisioning is Affecting Your Business
Do you know how your current risk models are performing? Is your loan scorecard still accurate? For example, what would happen if defaults went up to 30%? Or approval rates increased by 2%. Knowing this information and having instant access to it could have a huge impact on your risk tolerances and revenue. Imagine booking a vacation based on reviews from five years ago—so many things could have happened in that timeframe that could impact your holiday experience. The same goes for your decisioning, to make the best decisions you need real-time reviews. Without this on-demand, integrated view into how your decisioning models are performing and in turn affecting other areas of your business, you lack the insights you need to make decisions, alter processes and power product innovation.
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