Betting Big on Data
Financial service organisations have vast amounts of data on products, customers and transactions. Yet, to create value, data needs to be transformed into insights that serve a specific business need. To benefit from data analytics, financial service organisations will need strong steering from business managers, identifying their needs and understanding how internal data can be enriched with outside sources. Big data is not an ICT issue but a business-driven decision-making story. It has huge potential and can help financial service organisations better understand customer behaviour, give insights into customer needs and help monitor and manage business risks.
|Vlerick Business School has created a 5-year long research programme with KBC to tackle a number of these challenges. The research focusses on data-driven solutions to enhance customer insights in banking. Furthermore, a new international masterclass focussed on managing Big Data, built together with a financial services partner, will be launched at the end of 2014.
• 50% to 60% of banks and insurance organisations will invest in Big Data projects in the coming 2 to 5 years (Vlerick study on Digital Innovation in Financial Services).
• What does it take to become a data-driven organisation?
• How do you create a data/information-oriented mind-set with employees?
• Which governance mechanisms are needed for this?
• Does your organisation possess the right capabilities for Big Data?
Full professor of Information Systems Management at Vlerick Business School
Stijn is Partner and serves as the Dean for the School’s Russian (St. Petersburg) operations. Besides working at Vlerick, he is also a tenured Professor in the Department Decision Sciences and Information Management at KU Leuven. Stijn did his PhD on Information Systems Management at KU Leuven. His research and teaching focus on Information Systems Management issues in (1) business and IT alignment, strategy, leadership and governance, (2) business process management, and (3) business intelligence and analytics.