Increasingly, banks are looking to analyze and act on the large quantities of valuable customer information they collect in order to deliver the right products and services to existing clients as well as high-value prospects. Additionally, as banking customers take advantage of faster, more agile digital banking services, retail bankers are assessing how they deliver tailored customer experiences to increase revenue.
But finding personnel talent with the necessary analytical skills to perform these functions is easier said than done, according to an article in Businessbecause.com—a site that serves business schools and the MBA (Master of Business Administration) community.
In fact, the article mentions a report from Accenture, “The Looming Global Analytics Talent Mismatch in Banking,” which found an alarming shortage of analytics talent–the US was facing a shortage of more than 260,000 analysts this year alone, the article notes.
In the UK, banks are engaged in an intense competition for big data specialists, with some financial institutions offering starting salaries as high as £110,000 ($166,887) a year.
Analyzing customer data is necessary for banks to be competitive, says Dustin Pusch, director of business analytics at George Washington University’s business school, in the article. As banks demand more digital skills in all business units, their need for data analytics talent becomes ever more important.
“A combination of digital skills, industry knowledge and client-facing skills is a powerful combination in the current market,” says Paul Schoonenberg, head of MBA careers for Aston Business School.
To fill these positions, employers are looking for MBA students with backgrounds in technology or who are interested in–and understand–innovation, the article notes.
A number of top business schools that offer data degrees have produced analytics specialists, including The University of Warwick in the UK, the IE Business School in Spain, and the USC Marshall School of Business in Los Angeles.
In addition to recruiting analytics talent, financial institutions also offer in-house training courses to help their employees brush up their data analytics skills.
The trend to look more carefully at the best ways to use data to increase bottom lines has been prevalent among commercial banks. Lloyds and Santander, for instance, offer personalized discounts through mobile technology, according to Businessbecause.
However, more wealth management and investment banking institutions are also using advanced analytics on a wider scale than in the past. Citigroup and Deutsche Bank, for example, have developed “eye-catching digital strategies.”
Because high-net-worth investors regularly use digital technology to manage their finances, they expect digital services from their private banks or financial advisers, the article notes.
“Investment managers must prioritize data analytics to navigate an increasingly complex regulatory environment, and to capitalize on growth opportunities,” according to the article.