This is the view expressed by the Predictive Analytics Working Group at Mobey Forum in its inaugural report entitled ‘Predictive Analytics in the Financial Industry – The Art of What, How and Why’.
The PSD2 regulation will force banks to provide access to account data through third party APIs which means that banks have to leverage their data to stay their ground against competitors.The new report from Mobey Forum, the global industry association empowering banks and other financial institutions to lead in the future of digital financial services, explores the most important components, challenges and key application areas in the predictive analytics field.
The report contends that financial institutions should ‘think big, start small but start now’ and work on building a digital services infrastructure with data analysis at the centre, which can be leveraged to support the whole business over the long term.
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