Darwin never claimed that evolutionary success came down to survival of the fittest. To the contrary, he stated, “it is not the strongest that survives; but…the one that is able best to adapt and adjust to the changing environment in which it finds itself.” The long list of once thriving businesses that failed because they lacked the agility to evolve as rapidly as their markets is proof that this lesson applies equally to banking and broader financial services, and an inability to quickly read and respond to market signals is a common cause of that failure. External data includes information about competitors, locations, customers and the world outside an organization such as economic and market insights. Financial services organizations that integrate external data into all their analysis, planning and performance reviews are better able to detect and respond to their environment and by doing so, to survive and thrive.
Data Intelligence for Financial Services
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About the Author
SVP and Research Director
Robert Kugel is responsible for the Office of Finance and business research, focusing on the intersection of information technology with the finance organization and business. His research agenda includes the application of IT to finance and business process optimization, looking particularly at ERP and continuous accounting, financial performance management, predictive planning, price and revenue management, revenue and lease accounting and robotic finance.