Tuesday, September 3, 2013

Big Data in Banking

Banks are currently generating and collecting a gargantuan amount of data each day. There is the potential to use this data in real time to determine consumer risk profiles, detect fraudulent actions across the world improving customer relationship management and customer experience. In the following info-graphic you can see the role that big data plays in this industry. 


Due to the large quantity of data that is being manipulated, establishing and maintaining trust in data represents a challenging task as the sources and data variety grows. A bank that can harness big data can derive more insight about their business and build competitive advantage. 

According to a recent study by Thomas Davenport and Jill Dyché at the International Institute for Analytics working with SAS Institute, several US banks are using big data in order to understand how customers use their different channels such as branches, online, mobile, call centers and ATMs.

As it can be seen, banks are getting a better understanding of the consumer, but there is still along way yo go. The Financial Technology Innovation Lab is run by Accenture in collaboration with a group of the UK's leading financial service institutions, angel investors and venture capital firm. Six finalist will join the program from January to March in the City, London and pitch their ideas at the "Investors Day".

Interested entrepreneurs need to enter before 8 September 2013 at the following address:

1 comment:

  1. It's not only in the US! In Brazil, some banks are trying to use big data to design these channels. They are in the beginning of the process, but this trend will certainly change the way the customers interact with the banks!