More Financial Institutions Present Repeatable BDA Maturity

IDC Financial Insights announced the availability of a new report, “Best Practices: IDC Maturity Model Benchmark – Big Data and Analytics in Financial Services,” designed to help institutions assess their level of maturity in big data and analytics (BDA) against market and industry benchmarks.

Institutions can use the baseline to define short- and long-term goals and plan for improvement, prioritize BDA technology, staffing, and other related investment decisions, and uncover maturity gaps, all in the quest to improve or optimize decision making and generate greater business, technology, and operational outcomes.

According to Michael Versace, research director, IDC Financial Insights, “In-market adoption of big data and analytics has reached the point where the capabilities and applications these technologies enable are becoming main stream for a growing number of financial services firms.

“Yet many do not yet have a set of completely mature BDA competencies across the five critical dimensions that are necessary to effectively reduce execution risks and compete with strong business, technology, and operational value propositions.”

The new report presents benchmark data on the maturity of BDA capabilities of North American commercial, retail, and investment banks; identifies the key capabilities that distinguish institutions whose BDA efforts have met or exceeded their overall expectations from their competitors whose BDA efforts have fallen short; and offers guidance for achieving BDA success.