Banks have been slow to use the data they possess, but now a few are venturing into big data, although without much fanfare. Abhi Mehta, CEO of big data specialist Tresata, said one problem is that most bankers don’t understand technology while IT people don’t...
Have you ever thought Big Data could predict the time of your death? Recently, I encountered an App in Facebook which asked me certain questions like “how frequently do you exercise? Do you drink/smoke?” and then gave me a year when I will die. Many of you also would...
Big Data is not a new thing, but definitely a differentiating and an important thing to today’s businesses in gaining competitive advantage. Why is it a differentiating factor -- when everyone is using Big Data? Well, the differentiation lies in getting the right...
There is more to a positive consumer experience in banking than the time it takes to do a transaction or the design of a mobile app. In a rush to innovate and improve channel delivery, most banks and credit unions have forgotten to take the time to think of how money...
The past few years have witnessed the unprecedented rise of Big Data. Fully 90 percent of today’s data was created over just the past two years. Businesses now double the amount of data they capture and store every 1.2 years. And every two days we create as much...
We live in a new world where every individual is being tracked and recorded to an unprecedented extent! It's a world in which we are constantly being monitored in some way, often without us realising it. The huge growth in digital datasets and new analytical tools,...
Consumers are increasingly valuing what these ‘non-bank banks’ have to offer: Accenture has found that one in five consumers would be happy to bank with PayPal – a firm born in Silicon Valley, not in the Square Mile. There is increasing pressure on banks to remain...
Banks are embracing innovation both internally and through third-parties such as the start-up community, as they attempt to improve customer service and compete in an increasingly digital landscape. The finance sector has typically been conservative with regards to...
The big data revolution has dramatically changed the financial services industry. The following driving factors have motivated the need for financial sector companies to collect, store and analyze massive volumes of data: 1. Changes in the delivery of financial...
Big data and digital analytics are creating new opportunities for financial institutions to revolutionize their approach to marketing. It’s now possible to understand consumers at an individual level and deliver a highly targeted experience with timely, relevant...
A recent post by Jin Zwicky, VP of Experience Design at OCBC Bank, on the Next Bank Facebook forum asked, “What’s your definition of ‘digital’ in banking?” It has attracted more than 100 comments from the world’s top banking innovators, sharing their thoughts on the...
The confluence of the financial crisis of 2008 and the rapid adoption of technology that puts increasing power in the hands of every consumer has resulted in higher demands being placed on financial providers. Today’s consumer expects their bank and credit union to...
Big data could be used to predict how the stock of a certain company will fluctuate over time given the right information. Here’s how: Big data is being used for many applications and of that, finding trends in social media is a growing field in which big data is...
When Raja Rajamannar became CMO of MasterCard Worldwide in 2013, he moved quickly to transform how the credit card giant measures marketing. His artillery: Advanced Big Data analytics. MasterCard had always been a data-driven organization. But the real power and full...
All banks, large and small, are swelling with data. The growth in data is not only coming from the traditional relational data stored in product and customer-servicing systems, but in voice call logs, emails, website click streams, and in social media sites. Data...
Financial services organisations need to move more quickly when it comes to the practical implementation of big data analytics. Many of the larger banks and insurance companies are just taking too long to make this happen, and there are no excuses as we, as an...
More than 70% of banking executives worldwide say customer centricity is important to them. However, achieving greater customer centricity requires a deeper understanding of customer needs. Research from Capgemini indicates that only 37% of customers believe that...
This year will see the enforcement of the EU’s clampdown on bankers’ bonuses, which requires banks to restrict bonuses to 100% of salary. This has already had a major impact on the market with the likes of HSBC and Goldman Sachs finding ways to circumvent the cap...
Catch me if you can. That seems to be the mantra of the modern day cyber thief, fraudster or money launderer. Cloaked behind anonymizers, spoofing and botnets, criminals employ extensive means to go undetected. While advances in technology can provide organizations...
As we move from an era of automating transactions to the era of data, the information challenges banks face are increasingly around understanding and creating intelligence from information. Areas like regulatory compliance, customer insight, or real-time offer...
Tableau Consumer Conference 2013 features many of the company’s big data customers who have found ways to use Tableau’s technology to make their businesses better. One such company is Barclays, a UK-based multinational banking and financial services company. At...
Enterprise cloud apps company Workday is adding big-data tools in its next release, allowing firms to mix large volumes of diverse outside data with internal information for HR and financial reporting. In Workday 20, which becomes generally available this week with...
With less than 3 weeks left to Sibos I am eagerly awaiting the start of the conference. One of my favorite events within the event is Innotribe - a forum for forward thinking debate, discussion on innovative technologies, learning about new solutions, and...
The New York Times published an article on Friday asking in its headline whether big data is a economic dud. Numerous quoted professors gave reasons why the analogy of data to oil doesn’t work, nor does the one of data to the electrical grid (and here I thought that...