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.
