Democratising Data


Self-service Advanced Analytics in the Financial Services Industry

This report assesses how self-service advanced analytics solutions can be used to enrich the output of business managers, focusing on their use in analytical discovery and modelling. Data repositories in the financial services industry are becoming larger and more complex, and the skillsets needed to manage, interrogate and interpret data – a combination of business acumen, statistical awareness and programming – are becoming increasingly expensive and difficult to source.

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The concept of democratising data is one in which data is made available for analysis by a wider population across the financial organisation than before. Many business managers with statistical acumen across the financial services sector whose job does not primarily include data analysis or modelling will see their roles change in the future so that they will need to take a more exploratory approach to data. This evolution will both drive the development of self-service advanced analytics and be facilitated by it.

Analytics vendors are working toward developing self-service advanced analytical solutions that can widen the demographic of those who can use advanced analytical packages to include business managers with a statistical background, but who lack programming skills. This report explains the advantages that self-service advanced analytics affords financial institutions, as well as their limitations in terms of who can use these types of analytics tools and where they should be applied.

Published on: 30 Jun, 2016

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Democratising Data – Table of Contents

  • 1.0 The Evolution of Advanced Analytics
  • 2.0 Democratising Data with Advanced Analytics
    • 2.1 Advanced Analytics
    • 2.2 Business Intelligence Evolution
    • 2.3 Self-service Advanced Analytics
    • 2.4 Technical Considerations
    • 2.5 Regulatory Considerations
    • 2.6 Data Governance
  • 3.0 Benefits and Limitations of Self-service Analytics
  • 4.0 Adoption by the Financial Services
    • 4.1 Unified View of Trade Transactions
    • 4.2 Analysing Revenue Intelligence and Enhancing Marketing Success
    • 4.3 Recalculation, Data Reconciliation and Report Verification
    • 4.4 Mitigating Risk
    • 4.5 Fighting Fraud
    • 4.6 Transparent Reporting to Regulators
  • 5.0 The Future
  • 6.0 Appendices
    • 6.1 Glossary of Terms
    • 6.2 Table of Figures
    • 6.3 Table of Case Studies