Big Data // Big Data Analytics
News
1/30/2014
01:52 PM
Connect Directly
RSS
E-Mail
50%
50%

Data Management Key To Banking Analytics

Banks aren't doing enough to mine customer data in search of new sources of profit.

As they recover from years of crisis mode, banks are discovering that they're behind in customer-focused, profit-optimized services. The February issue of our sister publication Bank Systems Technology shares some of the challenges and opportunities banks face in normalizing their data and phasing in advanced analytics.

Associate editor Jon Camhi cites an SAP survey that illustrates how banks lag behind other industries, especially retail, in customer analytics. The survey reveals that:

  • Only 46% of banks can analyze external data about customers.
  • Only 32% can analyze social media activity.
  • Data volume and analytics complexity are the most common challenges cited by respondents.
  • Cloud and predictive analytics technologies will be "extremely valuable" to around 60% of respondents' strategies in the next 24 months.

Some of the experts Camhi spoke with said unstructured data is overwhelming for legacy systems in banks, and even internal data management protocols are often in conflict. The first step for banks today is to get their database structures normalized and standardized, before they introduce new data sources into the mix.

Read the rest of this story on All Analytics.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
pcalento011
50%
50%
pcalento011,
User Rank: Apprentice
2/14/2014 | 3:21:57 PM
Financial firms may be "Big Data Cautious"
Some of the biggest and most sophisticated practicioners of IT are those in financial services. However, many organizations may be skeptical of new models which led to problems in the past. A "new style of IT" may be use cautious diligence over simply new potentials. --Paul Calento
6 Tools to Protect Big Data
6 Tools to Protect Big Data
Most IT teams have their conventional databases covered in terms of security and business continuity. But as we enter the era of big data, Hadoop, and NoSQL, protection schemes need to evolve. In fact, big data could drive the next big security strategy shift.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Tech Digest - July10, 2014
When selecting servers to support analytics, consider data center capacity, storage, and computational intensity.
Flash Poll
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join InformationWeek’s Lorna Garey and Mike Healey, president of Yeoman Technology Group, an engineering and research firm focused on maximizing technology investments, to discuss the right way to go digital.
Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.