Data Is The Fourth Pillar Of Business For Financial Services Firms

Alongside people, process and technology, data is becoming a fourth pillar of the business for leading financial services firms, notes an EY study.

After conducting a confidential survey data across banking, capital markets, insurance and wealth and asset management in Americas and Europe, EY recently published a report titled: “The science of winning in financial services”.

Holistic approach is crucial

The EY report highlights that financial services companies recognize the tremendous potential value of the data they hold and are working hard to exploit that value. However, realizing and creating value from data by turning information into insight and practical action is challenging and most companies have much work ahead. As can be deduced from the following chart, just one in...