Banking / Finance

A data-driven financial transformation in banks

04th Jul `14, 03:53 PM in Banking / Finance

The customer relationship in consumer banking has profoundly shifted, with the primary interaction between a bank and its…

BDMS
Guest Contributor
 

The customer relationship in consumer banking has profoundly shifted, with the primary interaction between a bank and its customer no longer occurring through a teller or even an ATM. Online and mobile banking are now mainstream and money is changing hands through a growing number of channels.

Recent technological advancements such as near-field communication (NFC) payments, app banking and wearable computing technologies will be key drivers in transforming the banking systems and consumer interactions of the future.

With the deployment of new technologies come massive new data-sets that are growing bigger by the second and moving at a staggering velocity. Banks are now facing a critical juncture: they can capitalise on the opportunity created by accessing, analysing and acting on that data in real time, or risk becoming non-competitive in the market.

Yet the process of analysing and acting on data in real time can be a big challenge for many financial institutions. Alarmingly, most of the 2.5 exabytes (2500 petabytes) of data churned out every day by mobile devices, social networks, the cloud and the ‘Internet of Things’, will lose value nearly instantaneously if not managed efficiently.

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