Data Insights
Table Of Contents
• Slide 3: Introduction
• Slide 4: Company Backgrounds
• Slide 5: Types of Data Collected
• Slide 6: Traditional market research
• Slide 7: Information is captured and stored with key references to types of databases and
management information systems
• Slide 8: Impact of technological development on the role and use of data in the business decision-
making process
• Slide 9: Information and data are used within the day-to-day operations of organisations
• Slide 10: Research plan for this sector to improve data capture and its use
• Slide 11: Conclusion
• Slide 12: Reference List
Introduction
The financial sector of the UK market is one of the largest financial service providers in the world
and it provides services in a commercial aspect to generate revenue. The sector makes a huge
contribution to the UK economy as in the year 2022 the sector has contributed approximately 173.6
billion British pounds. It has been identified as 8.3% of the total output in the economic aspect of the
nation. This presentation will show the types of data collected and the traditional market research
made by this industry. Along with that, it will also show the technological development and day-to-
day operation of the organisations within this sector.
Company Backgrounds
• HSBC is one of the largest financial service
providers in the world with about 39 million
customers spread across the countries
• HSBC Bank had a huge revenue generation of about
18.9 Billion British pounds in the year 2021,
however, the company made a revenue of almost
17.5 billion British pounds in the year 2022
• Lloyds Bank in the UK market provides financial
commercial services and it is present in every
community with millions of customers in the market
• The company has a revenue generation of
approximately 20.9 Billion British pounds
Type of Data Collected
• Big data is used by companies that are operating in the
banking sector mostly as it provides an opportunity for
them
• HSBC is one of the most known companies in the
financial sector and it uses big data to analyse and
interpret data
• It is first-party data that is collected by the company as
the data is collected directly from the customers through
the banking application
• Lloyds Bank is a well-known company in the financial
market and it uses big data to collect information within
the market. The company uses second-party big data to
obtain the required information about the customers
• Lloyds Bank uses the mobiles, computers and Apps that
the customer uses to obtain the data set required to a
certain level maintaining their privacy settings
Traditional market research
• Traditional market research is essential for companies in
the financial sector of the country
• Traditional market research is an unstructured approach
to gathering the information of the clients personally
• Traditional market research is a day-to-day generation
of data sets that is less complex and easy to understand
• Big data analytics uses a complex set of data collected
from the market to generate higher outcomes for
businesses
• Difference from traditional market research would be it
is unorganised as the data is haphazardly collected
through manual efforts
Information is captured and stored with key references to
types of databases and management information systems
• Database refers to the collection of information or a set
of data that is stored in an electronic format for future
use
• Relational database: Relational database (RDB) refers to
the information stored with tables and columns
• Object-oriented database: Object-oriented database
(OOD) is a type of database that is used in complex
programing languages as it shows the use of complex
data in a systematic manner
• Hierarchical database: Hierarchical database is a model
that allows companies to make a tree-like formation for
keeping the data set in an organised manner
• Network database: Network database are those type of
data that are organised according to the ownership and it
has multiple paths that lead to the data set
Impact of technological development on the role and use of
data in the business decision-making process
• Technology is an essential need in the modern world of business and
it is triggered further by the pandemic situation across the world
• technological approach of the company makes an impact on the
decision-making as the customers can rely on the firm that has a
safer transaction scope.
• HSBC is a company that ensures security for its customers and
develops the technology accordingly
• The organisation provided voice biometric security to the stored
data for about 15 million customers
• Protection of data is one of the main concerns for the companies in
the financial sector and Lloyds Bank makes an approach to create
security against the cyber issues
• One of the biggest online banking companies Lloyds with about 18
million online customers within the UK market. The company has
invested about 3 billion British pounds for the development of the
technology and for enhancing the security of the customers
Information and data are used within the day-to-day
operations of organisations
• The financial sector in the market uses the data to
generate knowledge of consumer behaviour and provide
better services to them
• A company in the financial sector can use the data set
that has been collected to make big data analytics and
increase overall performance
• Maintaining a strategy to address the needs of the
customers is an essential need for the business
Research plan for this sector to improve data capture and
its use
• Capturing the data will be beneficial for Elements Number of days
the company, as it will provide Identifying the issue in data capturing 2
knowledge about the requirement of the Formulation of mitigation strategy 10
Reviewing related literature 3
customers
Preparing a research design 8
• The financial sector is mostly based on Experimenting the strategy 9
consumer satisfaction and utilising the Analysing the results 5
opportunity to obtain the data set will Improving the strategy accordingly 4
allow it to develop in the area of
operation 29-Jun 9-Jul 19-Jul 29-Jul 8-Aug 18-Aug
• The companies operating in the market Identifying the issue in data capturing
can develop the work as per the needs Formulation of mitigation strategy
of the consumer by analysing the data Reviewing related literature
set with the help of big data analytics Preparing a research design
Experimenting the strategy
Analysing the results
Improving the strategy accordingly
Conclusion
The presentation concluded the need for a data set of the customers in the financial sector and it has
also highlighted the need for big data analytics within the industry. The type of data collected for the
development of the procedures has helped the companies to gain a better outcome in the competitive
market. Along with that, digital transformation assisted businesses to generate better services for a
customer meeting their needs as well. The research plan in the end has provided knowledge about
the need for change within the companies to create a higher performance in the corporate aspects.
Reference List
• about.hsbc.co.uk (2023). About HSBC Available at: https://www.about.hsbc.co.uk/ (Accessed 25
June 2023)
• Ashford, W. (2016). HSBC launches biometric security for mobile banking in the UK Available at:
https://www.computerweekly.com/news/4500273410/HSBC-launches-biometric-security-for-
mobile-banking-in-the-UK (Accessed 25 June 2023)
• Baicu, C.G., Gârdan, I.P., Gârdan, D.A. and Epuran, G. (2020). The impact of COVID-19 on
consumer behavior in retail banking. Evidence from Romania. Management & Marketing.
Challenges for the Knowledge Society, 15(s1), pp.534-556.
• Chapman, A., Simperl, E., Koesten, L., Konstantinidis, G., Ibáñez, L.D., Kacprzak, E. and Groth,
P. (2020). Dataset search: a survey. The VLDB Journal, 29(1), pp.251-272.
• Duong, L.N., Wang, J.X., Wood, L.C., Reiners, T. and Koushan, M. (2021). The value of
incremental environmental sustainability innovation in the construction industry: an event
study. Construction management and economics, 39(5), pp.398-418.
