Expert: Keith webb, Capgemini Consulting
Moderator: Rod Bryson, Capgemini Consulting
The theme of the session:
Big data is not just a concept for substantial corporations; it is a way for you to understand your clients’ behaviours better. So where do you start?
How do you go about analysing client data flows? What are you looking for? How can you leverage this knowledge? What data strategy and governance will you need to comply with increasingly data oriented regulations; support business strategy; and resolve business issues? Whose remit?
- A significant challenge still in the market is to understand what data a business actually needs, what data is important to service customers and what data can be monetized. Understanding exactly what is important and hearing clients’ needs is the first move to resolve the issue.
- Understanding what data is available is really important so you know what data is needed. It is then a gap analysis against what data is actually recorded in the businesses by advisers or the paraplanners.
- A challenge with fragmented data across multiple systems and the challenge with this is the cost versus value equation of hiring people to look at the data. A number of advisory firms have started to do this by investing up to four people to interpret data to find out what is important. For others it is still difficult to fund this investment. However, there is currently no simple solution. What doesn’t exist today is for a third party to really help advisers to interpret and identify value and leverage in the data.
- Governance and regulation is a final point where data will be required to be taken seriously with the introduction of PSD2 and other regulations.