Web Scraping is one of the best data collection methods to increase revenue, according to Oxylabs Research
26% of finance organizations say web scraping has the biggest impact on revenue, ranking just behind internal data collection at 28%
VILNIUS, LITHUANIA / ACCESSWIRE / June 9, 2022 / More than a quarter (26%) of financial services organizations believe that web scraping has had the greatest revenue impact of all external data collection methods. This is one of the main conclusions of the new Oxylabs white paper, Alternative data drives key decisions in UK and US financial sectors, demonstrating how web scraping is shaping the industry in terms of collecting data and using it to improve services and generate revenue.
In cooperation with Censuswide, Oxylabs surveyed 500 UK-based and 501 US-based data decision makers at financial services companies, to gather information on attitudes towards data collection in the sector.
All other data collection methods were almost evenly distributed, but did not reach more than 13%. 12% of respondents believe manual data collection has the greatest impact on revenue, alongside traditional third-party data aggregators (12%), then alternative third-party data aggregators (11%).
The findings highlight that web scraping has come to the fore largely due to the increasing amount of information available online. Harnessing this has enabled financial services organizations to better understand business performance and identify future investment opportunities, which has a major impact on future revenue.
Andrius Palionis, Vice President of Enterprise Sales at Oxylabs, said, “What we rarely consider is that web scraping provides otherwise unavailable datasets. Financial companies thrive on knowledge that others don’t have, because it gives them a leg up on the competition. Web scraping allows them to fill this niche To infinity as long as they can maintain the infrastructure and diversify the sources of information.
Looking more closely at the survey results, there is a contrast between UK and US businesses. In the UK, web scraping ranked as the primary collection method with the biggest revenue impact (cited by 25%) while in the United States it was in second place (27%), behind the internal data (37%). Interestingly, UK businesses were much more likely to choose “None of the above” (14%) compared to US companies (4%), indicating that some data collection methods may not be publicly known. Such a trend could be explained by data being collected from a wide variety of disparate sources without providing it from an aggregator, such as satellite images or weather reports.
Mr. Palionis continued, “Web scraping may not have quite come out on top among financial services organizations in the United States, but the results still show that it plays a critical role in generating income. Using data correctly allows an organization to better understand its customers, create more engaging marketing campaigns, and forecast demand with greater accuracy.
“The data landscape is changing, and so is the way it is used. Web scraping has always played a central role in helping organizations collect previously hard-to-reach data, but its role is now changing. The final frontier is for financial organizations to refine their data collection processes to ensure revenue is maximized over the long term,” Palionis concluded.
To download your copy of Oxylabs Alternative data drives key decisions in UK and US financial sectors white paper, please visit HERE.
Founded in 2015, Oxylabs is a provider of premium public web data acquisition and proxy solutions, enabling businesses of all sizes to harness the power of big data. Constant innovation, an extensive patent portfolio and a focus on ethics have enabled Oxylabs to become a global leader in the data acquisition industry and forge close ties with dozens of companies Fortune Global 500. In 2022, Oxylabs was named the fastest growing public data collection solutions company in Europe in the Financial Times FT 1000 list.
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THE SOURCE: Oxylabs
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