Guide

Unleashing the Power of Data to Inform Your Business

Toolkit for FSPs: Understanding the different data sources available and how to use them effectively

Financial service providers (FSPs) are capturing large amounts of data on their internal systems and also have access to external data – as a result of improved connectivity and increasing smartphone penetration, as well as through publicly available external data (e.g. national surveys). However, many FSPs are not making full use of this data as they may not understand its full potential, have information overload, inefficient processes and systems, and think it is expensive to make use of data.

This toolkit aims to help FSPs understand the different data sources available to them and how to use them effectively to transform their business. Although primarily aimed at FSPs, the toolkit may also be of use and interest to those who provide services to FSPs in their respective markets (such as data management and research firms) and other organizations wanting to implement programs that encourage FSPs to make more and better use of data.