Why financial services need to keep up with the data literacy pace
Guarding against complacency
While it may be as buffeted and disrupted by digitalization as other sectors, in many ways the financial services industry is better placed to evolve and adapt. Why? Because banks, insurance providers and wealth managers traditionally have a much stronger understanding of the power of data than other sectors.
Data has long been at the heart of financial services. Indeed, unlike many other industries, the majority of its products and services are intangible and
ultimately dependent on data. For example, a bank account is a computerizedledger that creates a new data point every time you interact with it, whether via an ATM machine, a credit card, or online payment portal.