About the Survey
Over the years, organisations have made dramatic changes to their respective risk management policies. This has largely come in response to new regulations and is set to undergo more changes as new trends and disruptions lie ahead in preparation for 2020. Changing regulations and ever-evolving customer expectations, coupled with the progress in advanced analytics such as machine learning, are enabling new risk-management techniques.
Today, Qarar is at the core of many initiatives that are leading change in this area – from leveraging regulatory compliance processes for enhanced business performance, to enabling digitalisation and real-time risk evaluation. Analytics is changing the face of credit risk as we know it. The amount of focus and investment into advanced analytics is increasing due to, the need to stay competitive and minimise loss-related risks. In this context, leading risk management practices continue to gain wider adoption and C-level executives are spending more time in the oversight of risk management.
As we gear up for 2020, it’s time to fundamentally rethink your business model and expand your portfolio by creating new ways of serving customers through advanced risk analytics and decisioning.
We would like to thank the organisations and professionals that responded to this survey which help in understanding the shifting risk-related priorities. We truly value the information provided and appreciate the time and feedback on this survey.
Qarar aims to remain at the forefront of anticipating disruptive forces to assist in strategy development and help organisations take proactive steps to stay in line with industry trends.
Highlights of the Survey:
- Over 66% of respondents believe that improving customer experience, increasing market share and improving operational efficiency are the most important business priories to align with by 2020.
- 60% of respondents said that customer service and cross selling will be the key risk management processes to undergo digitization or automation by 2020.
- There is significant potential for machine learning in the region, with over 45% of respondents indicating its relevance for customer risk management.
- While there is still a high reliance on credit bureau data, 11% of respondents placed social media data as high on their priority list.
- There is a higher demand for outsourcing services as organizations lack the right in-house expertise to meet the new demands for advanced analytics.
- Applying new software and system solutions, followed by enterprise-wide analytics integration, are some of the biggest challenges in deploying credit risk analytics.
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Source: Qarar Press Release