Applying Data-Based Models and Methodologies in Financial Services
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Due to digital transformation and the development of Fintech, financial services companies’ needs are changing fast. Business analysis professionals can help avoid pitfalls caused by the disruptions of Fintech by pivoting to the new in this industry. “Pivoting to the new” means applying data-based models and methodologies in financial services to effectively support financial services clients as they navigate the disruptions caused by Fintech, or financial technology.
“Up to 28% of banking and payment services will be at risk of disruption due to new business models brought about by fintech,” reported Finances Online. As customers encounter these inevitable disruptions, they will need the help of business analysis professionals. A contributor to Just Coded wrote,
“Ideas and technology work together well only when there is a clear agreement between them.”
Business analysis professionals can help to facilitate this agreement. By applying a data-based model and methodology in financial services, business analysis professionals can better support financial services companies as they deal with disorganization caused by Fintech.
Business analysis professionals can leverage data to understand the needs, wants, and demands of their customers and enable financial clients to make better informed decisions.
At least 22% of companies in the insurance, asset, and wealth management industry are at risk of disruption, per PWC. Why? Because of the new business models brought about by Fintech. In addition to using data-based models and methodologies with financial services clients, business analysis professionals can help financial organizations navigate disruptions caused by Fintech by levering data.
By leveraging the relationship of business data analytics to business analysis to transform data into action financial organizations can better understand the unique needs, wants, and demands of their customers and get ahead of the competition. Developing business data analytics capabilities enables Financial clients to translate data into valuable insights that guide evidence-based decision making in achieving business goals.
Business data analytics is a practice by which a specific set of techniques, competencies and procedures are applied to perform the continuous exploration, iteration, and investigation of past and current business data. Business analysis professionals can play a critical role in the data science team by upskilling with certification in this area, such as IIBA’s Certification in Business Data Analytics.
Fintech Trends to be Aware of in 2021
Autonomous finance, open banking, digital-only banks, financial literacy, and voice technologies are noteworthy Fintech trends of 2021, per Entrepreneur.com. A few more examples of recent Fintech trends include:
- Digital Transformation
- Online Transactions
- Blockchain Applications
- Digital Payments
- Data Analysis
- Cybersecurity Arms Race
- AI is Table Stakes
- Virtual Teams
- Integrated Value Chain
- Value-Add Technology
- Managing Digital Currency
- Get Ready for Regulations
Building Business Data Analytics capabilities for your organization with CBDA certified business analysis professionals can help organizations navigate the challenges of Fintech-driven disruption.
“With IIBA’s expanded support and enhanced certification programs addressing business analysis, agile practices, business data analytics, and cybersecurity, IIBA-certified professionals are uniquely positioned to help organizations navigate the challenges of Fintech-driven disruption,” stated Delvin Fletcher, President and CEO, International Institute of Business Analysis (IIBA).
Learn more about IIBA’s Corporate Program to help build business data analytics capabilities and leverage the critical role business analysis plays in achieving more with data.
What is the role business analysis plays in becoming a data-driven organization?
Download the preview of IIBA’s latest research report on Achieving More with Data: The Critical Role of Business Analysis in Becoming a Data-Driven Organization
About The Author:
Sema Sali is a business analysis ambassador at IIBA, leveraging the intercept of marketing with business analysis to increase awareness of the value and criticality of business analysis to the success of organizations in today’s complex and disruptive world. She contributes to the growth of IIBA’s ecosystem through marketing efforts of IIBA’s Organizational Programs for Corporate, Academic and Endorsed Education Providers.