DATA can be the new oil, but Indian financial businesses are struggling with ways to drill and exploit the newest resource of the world, a survey said on Wednesday.
A majority 86 per cent of Indian executives across finance and insurance polled by research firm AITE for a study commissioned by credit information company Transunion Cibil “admitted they are challenged by the immense data they have”. The sample size of those interviewed in India was not immediately known.
The findings come at a time when many a c-suite executive has been chasing the data gathering possibilities in various business aspects, and is also willing to sacrifice margins to help amass the data trove. Indian companies are trailing the world by 11 percentage points when it comes to concerns regarding the use of data, the survey said, adding that the world average for the same is 75 per cent.
Even as they grapple with the challenge of not knowing what to do with the data, Indian financial services players are eager to invest, the survey said.
Over three-fourths of Indian companies plan to increase spending on newer forms of data such as mobile information about web browsing and app usage, it said. The survey said 85 per cent of marketing executives and 92 per cent of risk executives expect their overall budget for data analytics to increase, which is higher than the global levels.
“This points to a significant investment in expanding the amount of data available despite ongoing challenges such as data cleansing and preparation,” it said. The survey said what India needs currently is access to cutting-edge analytic solutions and data science expertise.