Financial services analytics: About 50% of banks are in the market for an unstructured data analytics tool.

April 8, 2014

As a follow-up to yesterday’s post and Qonnections presentation on the current status of Banks and unstructured data analytics we focus today on what they are looking for in this field.

All the results come from our survey of 98 senior executives in top global financial services.

To pick up where we left, 75% of respondents declared that it would be useful for them to combine structured and unstructured data even if they were not doing it yet.

Figure 1 shows that nearly half of surveyed executives are planning to buy a software solution for unstructured data analytics which is a tremendous opportunities for vendors in that field.

We further asked the participants to the survey which challenges they faced when looking for or purchasing an unstructured data solution and only 11% said they were not facing any challenges.

Figure 2 shows that 52% either do not know where to start or do not have the necessary technology to make a proper evaluation.

Regardless of the current difficulties financial services face in the adoption of unstructured data solutions, they are willing to invest time and resources because they understand the impact it could have on their business.

Unstructured data analytics impact businesses predominantly by improving positioning and enabling better market trend analysis (Figure 3). Looking at the expected impacts as a whole the core goal for financial services is to significantly increase revenues through the adoption on unstructured data tools.

The subject of tomorrow’s post will be how financial services will benefit from unstructured data analytics.