Most financial service firms, which includes banking and insurance companies, are engaged in a big data project to increase the pace of innovation and uncover game-changing business outcomes. The pressing challenge now is how to drive more continuous value and unearth opportunities more rapidly. 

No matter where you might be in your big data journey, the following three-step approach to integrating big data into an analytics strategy can lead to success: 

Step One: Outline business objectives and outcomes

To drive continuous and transformational improvements through big data-driven analytics projects, business units – IT, marketing, risk, compliance or finance, for example – should agree on and outline a mutually beneficial business objective. For instance, driving a better customer experience or improving customer value management. While developing the common objective, financial services firms should also determine the aligned and desired outcomes, such as decreasing fraud and offering more personalized services to customers in real-time.

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