The report recognizes that financial services analytics has reached a point where marketing was in the 1970’s for the banking sector. Prior to that time, sales and marketing initiatives for credit unions and banks were rare. In 2017, a credit union would find it difficult to survive without some level of marketing effort.
The 2011 MIT Sloan Management Review and IBM study, Analytics: The Widening Divide showed how organizations that promote a data-driven analytics culture can create competitive advantage.
The hallmark of a data-driven culture is an expectation that all significant decisions are based on analysis of data. A cultural norm in most organizations is decisions based on intuition or “gut” are as acceptable as data-based decisions. Not surprisingly, the less data-oriented culture is unlikely to document cause-effect outcomes of its decisions so learning from experience is hindered.