Across industries, data continues to grow as an extremely valuable resource. This is especially true in the financial services sector. “Financial services” is a broad term that encompasses commercial banks, investment houses and insurance companies. This highly competitive sector has been largely dominated by global conglomerates, with a diverse range of smaller companies.
Financial services institutions (FSIs) have always been a substantial consumer of information technology, usually ahead of other industries. For the past several years, FSIs have continued that trend by leveraging big data analytics and artificial intelligence (AI) to enable new opportunities and deliver benefits to customers and employees alike.