WHAT THE EXPERTS SAY...
So interest rates have increased for the first time in a decade - Dave Tomblin, our Business Analytics Engagement Specialist, has some thoughts:
Whilst we all check to see what the interest rate increase means for us personally, you can bet your life (well maybe your mortgage) that at all major banks and financial institutions have had a busy few days crunching the numbers.
Should they pass on the Bank of England base rate increase to their customer base? What will be the effect of increasing mortgage rates? Will savers expect an instant return?
Will the coming days see an increase of people looking to move onto a fixed rate? I wonder if some mortgage providers will be launching new services? You bet they will! I suspect they will be checking the impact, keeping a close eye on the competition, deciding on timings of launching new services. Deciding whether to target savers, borrowers or both?
Getting their offerings right could have a major impact on profits, shareholders and credibility against the competition. They will see this as an opportunity to gain new customers and increase their portfolios.
All of these questions have got me thinking on how they make these decisions? Being a BI & Analytics professional, I hope they have been using their data to make their choices. How busy they have been in the last few days will depend greatly on the maturity of their organisation’s data and analytics systems.
Do they have a trusted, well governed, big data platform that enables Analysts and Data Scientists to quickly provide insight? Answer the unanswered questions? Are they able to easily present those insights to key stakeholders, regardless of technical ability, to make those key decisions fast and accurately? Can they benchmark against the competition?
I’m sure we won’t have to wait too long to find out who gets things right!
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