Data Management Key To Banking Analytics - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Data Management // Big Data Analytics

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.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
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
Slideshows
IT Careers: Top 10 US Cities for Tech Jobs
Cynthia Harvey, Freelance Journalist, InformationWeek,  1/14/2020
Commentary
Predictions for Cloud Computing in 2020
James Kobielus, Research Director, Futurum,  1/9/2020
News
What's Next: AI and Data Trends for 2020 and Beyond
Jessica Davis, Senior Editor, Enterprise Apps,  12/30/2019
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
The Cloud Gets Ready for the 20's
This IT Trend Report explores how cloud computing is being shaped for the next phase in its maturation. It will help enterprise IT decision makers and business leaders understand some of the key trends reflected emerging cloud concepts and technologies, and in enterprise cloud usage patterns. Get it today!
Slideshows
Flash Poll