Drowning in Data, Financial Services and Insurance Industries Seek Technology and Talent to Close Global Insights Gap - Global Banking & Finance Review

Across the globe, companies are amassing volumes of data with the intent of optimising performance, identifying trends and meeting rising consumer expectations. Yet nearly 75% of global financial services and insurance executives admit they are challenged by the fractured nature and vast amount of data available, citing rich analytics capabilities as difficult to achieve. In the UK alone, 71% of executives admit they are challenged by the immense data they have. With these challenges in mind, a new Aite Group study commissioned by TransUnion found that executives in the financial services and insurance industries plan on continuing to secure more data sources. Furthermore, they look to incorporate more artificial intelligence (AI) and machine learning (ML) technology into their analytic platforms to help them make sense of the information.