LONDON – (BUSINESS WIRE) – 7 Apr 2021–
Bright Data (formerly Luminati Networks), a leading online data collection platform, today released new research findings highlighting the importance of alternative data in financial services. Insights, gathered in collaboration with leading market research experts Vanson Bourne, demonstrating the impact of alternative data in the US and UK versus old / traditional data. The survey concluded that nearly a quarter (24%) of financial services professionals working for organizations that collect alternative data use it to help with their daily work. The study questioned respondents from the financial services sector, including insurance, banking, and hedge funds and found a clear reliance on external data sources, with 95% of financial services organizations relying on outside information to contribute to business success in the past year.
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Bright Data – The Increasing Importance of Alternative Data – infographics (Graph: Business Wire)
The research findings also explain the constraints faced by financial institutions when using and working with alternative data. Three-quarters (75%) of banking professionals use alternative status data analysis as their greatest challenge. In addition, the survey revealed insights that respondents currently do not get from alternative data. For example, 80% of those surveyed stated that they need more competitive insights from alternative data, and 79% expect to get information about customer behavior from that data. These findings suggest that although many financial services professionals use alternative data, there is still a lack of understanding of how to properly analyze information to open insights.
Further key findings from the survey include:
- Professionals from insurance companies (74%) and hedge funds (72%) find it much easier to integrate alternative data into decision making than those in banks (57%).
- Sixty-four percent (64%) of organizations that rely on alternative data sources when building business strategy say that alternative data influences their investment strategy, and 59% say it influences their customer experience strategy.
- Seventy-seven percent (77%) of US respondents found it easy or very easy to integrate alternative data sources into decision making, compared with only 49% of UK respondents.
“Gone are the days when quarterly earnings reports could be relied on as the primary source of data for decision making,” said Or Lenchner, CEO of Bright Data. “Financial services institutions seek alternative / external data for up-to-date insights that provide the most relevant, reliable and accurate data available. We have seen a significant increase in businesses in the space turning to Bright Data to collect alternative data. We look forward to continuing to empower these organizations with customized online data that guides their most important business strategies and decisions. “
The survey asked 100 employees from insurance, banking, hedge and quantum funds, and loan companies about their alternative data uses. This group represents US and UK respondents and includes employees who work within the IT and data departments of their organizations.
To learn more about how Bright Data can help financial services organizations open their horizons with alternative data, visit here.
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KEY WORDS: EUROPEAN KINGDOM UNITED
INDUSTRY KEYWORDS: PROFESSIONAL SERVICES DATA MANAGEMENT FINANCIAL TECHNOLOGY SOFTWARE BANKING SOFTWARE
SOURCE: Bright Data
Business Wire Copyright 2021.
PUB: 04/07/2021 04:52 AM / DISC: 04/07/2021 04:52
Business Wire Copyright 2021.