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Banking Study Finds Execs Frustrated by Time for Analysis

Alteryx Alumni (Retired)

This recent study by KPMG was sent to me this week and one of the findings really caught my attention.   After talking with leaders at a sample of US banks (global, national and regional), the findings highlighted that the executives are pretty frustrated with the length of time it takes to get insights from data analytics.    When asked how long it typically takes from idea to actionable results when analyzing data, almost half (48%) indicated it takes more than four months.  In some cases, they said it was taking over a year.    How can anyone make a data-driven decision if it takes that long for the analysis?


What if you are trying to understand the risk of default on your loan portfolio?  Perhaps you are looking at your employee base and need to efficiently relocate employees across your network of branches.   Maybe you are looking to manage the threat of data breaches or fraud incidents across your organization.   Can you really afford to wait four to 12 months for this analysis to take place? 


Analytics does not have to be a burden and now, more than ever, accelerating the speed in which those insights can be delivered is key for banks.  Whether the data you are processing is big or little, structured or unstructured, in the cloud or on the ground, you need your analytics to deliver results. Fast.


What would your executives say if asked about the time it is taking to uncover insights from your data? 

ACE Emeritus
ACE Emeritus

Hey @KarenHays 


I totally understand and agree execs have every right to be frustrated but they need to drive that change, thats why they are execs, to drive change. I would also say I've been part of projects where Alteryx saved so much time that these same execs dont believe it at first. As if it were too good to be true! 


Thats why Ive always found Alteryx makes the biggest impact on those orgs that are truly ready for change. 

Joshua Burkhow - Alteryx Ace | Global Alteryx Architect @PwC | Blogger @ AlterTricks
8 - Asteroid

I think some execs accept analysis would take few months and not aware of a tool like Alteryx could save soo much time!


When I speak to friends in financial services they've not heard of Alteryx.


One train of thought is IT too scared of making business aware of Alteryx as it gives the business user the power to develop reports...less need for coders.


Just a thought...