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What Does Big Data Mean For Banks?
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pfretty
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pfretty,
User Rank: Moderator
8/15/2014 | 11:30:31 AM
Not surprised
Actually when you look at how capable people are overall at leveraging big data analytics, it is far from overwhelming. According to a recent IDG SAS survey, the majority of organizations are not particularly capable when it comes to amost big data tasks. However turning insights into action showed the least competence with some saying their organizations were not at all capable. 

 

Peter Fretty
D. Henschen
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D. Henschen,
User Rank: Author
8/6/2014 | 10:29:29 PM
What this jargon means is that they're using traditional databases
Lots of jargon here to explain that banks are pretty much sticking with relational databases and aren't doing a lot of experimentationw with big data platforms like Hadoop and relational databases. In an industry that's dealing with managing money and executing transactions, I don't think that should be a surprise. In some ways it's even reassuring, but banks and other financial institutions could certainly be experiementing with analysis of social data and customer comments about their service experiences. Brand perception and what not. Banks could also look into how people are feeling about money, investments, financial choices and what not. In short, sales, service and marketing-oriented analyses.
Laurianne
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Laurianne,
User Rank: Author
8/6/2014 | 1:53:57 PM
Interesting perspective
Interesting perspective on the traditional relational database skills inside banking IT teams vs big data projects.


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