The banking industry is currently navigating a massive wave of changes. Although many banks and financial institutions have responded well to the first wave of digitisation, ongoing challenges present themselves regularly.
The switch to mobile payments and other, massive changes in the financial system – such as the rise of digital currencies – present a myriad of obstacles.
And as the PwC 2014 Global Data and Analytics Survey reveals, these decisions carry enormous weight.
Among banking and capital markets executives in the next 12 months, 38% expect to make a big decision at least once a month, and 32% say their most important decision will be based on an opportunity they can’t afford to ignore.
Encouragingly, 42% say they base decisions on analytics and other data.
As the decade continues and the banking industry continues to evolve, digitisation and data will play a massive role. Accessing the major advantages provided by these trends will depend more on executives’ ability to not only analyse the right data, but being able to gain actionable insights that provide a clear way forward.
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