Every day, we create 2.5 quintillion bytes of data — so much that 90 per cent of the data in the world today has been created in the last two years alone. This data we produce is everywhere – in enterprises, SMBs, in the cloud, on desktops, on mobile phones and more. And it comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records and cell phone GPS signals, to name a few. This data is Big Data.
The financial services sector all over the world is going through a time of unprecedented change. New players are entering the sector, financial institutions are consolidating and competition for customers — whether in retail, corporate or investment banking — is steadily and rapidly increasing.
In this time of flux, effective use of Big Data and advanced analytics will set apart the financial services providers that succeed. Big Data, if properly managed and applied, can deliver on key priorities: enhancing customer care and creating efficiencies in an increasingly tech-savvy and cost-conscious market. It could also transform the fundamentals of how banks and financial providers consult and sell to their customers, by developing financial products and services with more precision, personalisation, and profitability for both sides of every transaction.