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

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
InformationWeek Elite 100
InformationWeek Elite 100
Our data shows these innovators using digital technology in two key areas: providing better products and cutting costs. Almost half of them expect to introduce a new IT-led product this year, and 46% are using technology to make business processes more efficient.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Elite 100 - 2014
Our InformationWeek Elite 100 issue -- our 26th ranking of technology innovators -- shines a spotlight on businesses that are succeeding because of their digital strategies. We take a close at look at the top five companies in this year's ranking and the eight winners of our Business Innovation awards, and offer 20 great ideas that you can use in your company. We also provide a ranked list of our Elite 100 innovators.
Video
Slideshows
Twitter Feed
Audio Interviews
Archived Audio Interviews
GE is a leader in combining connected devices and advanced analytics in pursuit of practical goals like less downtime, lower operating costs, and higher throughput. At GIO Power & Water, CIO Jim Fowler is part of the team exploring how to apply these techniques to some of the world's essential infrastructure, from power plants to water treatment systems. Join us, and bring your questions, as we talk about what's ahead.