BI in the Financial Services Industry: High Success, More Use, and Shifting Leadership
Dresner Advisory Services surveys respondents from a variety of industries, asking questions designed to gain insights into the priorities for and use of business intelligence (BI) within their organizations.
Responses show Financial Services is a data-driven industry with unique technology preferences and usage patterns. Given industry variability resulting from high degrees of competition, market volatility, world events, and ever-changing regulation, Financial Services organizations tend to distribute BI use among a broader set of roles to help users gain role-specific insights and make data-driven decisions.
1. The Financial Services industry reports higher levels of BI success than other industries and tends to rely on quantitative measures to determine that success.
2. Financial Services organizations have a larger percentage of employees with access to BI solutions than other industries. This BI penetration grew from 2019 levels and likely will continue to grow through at least 2023.
3. Financial Services organizations rank better decision-making as the top BI objective in the industry.
4. Revenue growth and increased competitive advantage represent the areas with the highest potential for growing the application of BI in this industry.
5. Financial Services organizations are data-driven and more likely to alter BI budgets year over year to better meet their analytics needs.
6. Although finance, operations, and executive management functions most often drive BI initiatives in Financial Services organizations, marketing and BI competency centers / centers of excellence also show high levels of influence.
7. Financial Services organizations are more likely to have data leadership—that is, the presence of a chief analytics officer (CAO) or chief data officer (CDO)—than other industries. CDOs report to the CEO more frequently in Financial Services organizations than in other industries, and less frequently to the CIO or CFO. Compared to other industries, more Financial Services CAOs report to the CFO.
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