- May 27, 2022
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How Data Science leads to success in wealth management - Julius Bär
Positive Thinking Company customer, Julius Bär, initiated its own data science start-up and innovation laboratory under the name “Target Insights” in spring 2018, with the aim of using available data more efficiently – for example to improve customer service – and promoting a data-driven culture. In addition to finding and implementing profitable analysis scenarios, another key objective is to build up internal knowledge and experience.
Key challenges
Client relationships in asset management are particularly
complex, which is why a deep understanding of these relationships and a high
level of client knowledge are important differentiating factors in competition.
Since data science projects typically require cross-departmental cooperation,
the usual organisational structures with their usually strict separation
between IT and specialist departments are conceivably unsuitable. Such projects
therefore typically fail due to conflicts of competence, individual interests
and a lack of willingness to cooperate rather than due to a lack of technical
competence. An important step towards the success of data science projects is
therefore the decision for a suitable, easily expandable team structure with
clear roles and responsibilities.
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Article by Positive Thinking Company