What does it take to become truly data-driven?
Financial institutions in emerging markets need key components of their business in place across five domains: strategy, leadership, process, technology, and data. Through our experience working with clients around the world, we have compiled a Readiness Assessment to help lending institutions understand where they fall on the continuum of readiness for a data-driven future. If you think your organization can benefit from the introduction of an automated credit scoring process, fill out the form below.
Five Dimensions of Readiness
Having a long-term vision and tactical plan for how your lending institution can leverage data and adopt new technologies is crucial to becoming a data-driven organization. Achieving this requires the ability to identify business challenges, set clear priorities, and manage change.
The right combination of project management, change management, and leadership skills in your organization is key for any implementation of credit scoring. Large teams can adopt new technology and ideas with experienced leadership that champions innovation.
To deploy a customized algorithm and automate your credit decisions, it's critical to have consistent processes and strong compliance with your policies in place. Understanding the effects of existing protocols, standards, underwriting procedures, and risk management practices is a key component of creating a streamlined process that makes your organization faster and more efficient.
At the core of any data-driven organization is the technology – and the team to manage and support it. Your core banking software, database and data warehouse, network, and security policies are all integral to creating a data-driven ecosystem that can support your business. The First Access platform can be used in conjunction with a variety of best-in-class core banking software platforms.
Enforcing consistent and high-quality data collection, management, and storage practices is crucial for any data-driven business to succeed. Understanding historical performance and benchmarks unique to your organization and customer base will enable you and your team to make smarter decisions. Better visibility into your data will boost your return on investment in credit scoring and can also enable smarter choices about staff performance, product design and growth.