The State of BI, Data, and Analytics in Financial Services in 2022
What does the current business intelligence (BI) landscape look like in the current financial services market? Find out in this latest report from Dresner Advisory Services.
- Compared to the overall sample, the financial sector has more CDOs and CAOs for longer tenures. However, they have a similar percentage of BI users.
- The data for financial services show a healthy increase in BI budgets and plans for greater BI penetration. However, current data-literacy levels and a general lack of supporting programs could negatively impact the effectiveness of such expansion plans.
- The data show relatively low user capacity as a whole. This raises the question of whether financial services executives aspire for widespread data democracy or tighter control over data. There is a marked difference for self- service BI preferences between a small bank (advocating data democracy) and a large investment bank (preferring a top-down, expert-only approach).
- Financial services respondents scored compliance as lowest of expected BI accomplishments but second in actual BI accomplishments. This difference indicates that compliance needs likely crowd out other BI priorities, including data literacy and self-service BI capacities (the compliance-box dynamic).
- The main BI users in financial services more often are executives as opposed to operational staff or middle management.
Read and download the full report, “The State of BI, Data, and Analytics in Financial Services in 2022” here.