The Overlooked Foundation of Data Innovation: Or, Why Great Innovations Fail

The surge of data-driven innovation

Demand for data-driven innovation has been skyrocketing, as data rapidly takes an increasingly pivotal role in the Financial Services industry’s strategy for the digital era. From fraud prevention to customer retention, to process optimization, data-driven technology has become the go-to solution for a wide array of challenges that the sector currently faces, if not for all. And with their promising results, it is no wonder that banks and insurers have been pushing to implement tooling, hire data scientists, and monetize data where possible. Financial Services firms are hungry to leverage their data in big ways. Yet, as their focus lies mainly on implementing technology and data science capabilities, limited data quality and availability remain inadequately addressed. What’s often overlooked is that the success of these technologies hinges on the foundations of the data landscape.

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