The Road to recovery is paved with data

The road ahead will certainly have challenges, these leaders acknowledge. But there’s also a tremendous amount of hope because of the doors that a digital-first strategy can open.

Data is providing the fuel to power better and faster decisions. High-performing organisations are three times more likely than others to say their data and analytics initiatives have contributed at least 20 percent to EBIT (from 2016–19).

The exponential growth in digitisation coupled with consumer dissatisfaction with traditional brick-and-mortar banking has been driving the launch of fintechs with amazing speed over the past decade. That fact wasn’t lost on investment banking giant Goldman Sachs, which launched Marcus by Goldman Sachs in 2016. Marcus, the firm’s digital consumer business is, as global head Harit Talwar likes to describe it, “a 150-year-old startup that allows people to take control of their financial lives from their phone.” Over the past four years, this digital-first business has grown deposits to $92 billion and $7 billion in lending balances through a combination of organic growth, acquisitions, and partnerships with the likes of Apple and Amazon. Marcus has millions of customers in the United States and United Kingdom.

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