This month, Telstra launched its new research report, Analyse This, Predict That, which examines the competitive forces facing financial institutions.
The report focuses on the role data analytics is playing in reshaping the industry's competitive environment, and was presented at seminars in Hong Kong and Singapore by Telstra CFO and GE International Finance and Strategy Andy Penn and Group General Manager, Industry Centre of Excellence Rocky Scopelliti, who authored the research.
The paper takes a deep dive into the profound impact of data analytics and how financial institutions service their customers, while noting the pace and intensity of technological change. This in turn has created a gap that is being exploited by new entrants.
Drawing on insights collected from 43 financial institutions across the Asia Pacific region, key findings include:
- Most institutions are not ready to compete analytically
- Data analytics can change consumer perceptions
- Personalised experiences are highly valued and can drive retention and acquisition
- A strategic priority gap within CEO and leadership
- New entrants venturing for growth, have arrived from outside the industry
- Analytics-enabled financial services – and the experiences these capabilities provide – have the capacity to alter consumer perceptions
- Data analytics require a new consumer engagement model
- Analytics-driven customer experiences can drive the evolution of channels.
"This Asia Pacific thought leadership report showcases the significant investments Telstra has made in leading edge capabilities through its Ventures Group," said Rocky.
To download the paper and find out more visit the report website