Banking / Finance

Unlocking the potential of big data

23rd Feb `16, 05:05 PM in Banking / Finance

It’s a familiar story: austerity, an economy in and out of recession and no end to the tunnel…

BDMS
Guest Contributor
 

It’s a familiar story: austerity, an economy in and out of recession and no end to the tunnel in sight. At the centre of the national crisis sits a banking industry tarnished in the public’s eyes by poor performance, excessive pay and the ongoing need for state support. Just where does the industry go from here and how does it start to rebuild trust, asks  Anthony Duffy  of Fujitsu UKI.

Banks might start by looking at their business with fresh eyes. True revenue opportunities must be taken while costs continue to be carefully managed. The customer relationship must be revisited, with banks considering whether the client management strategies of yesterday will work so well tomorrow. Banks might also recognise that they sit on a vast amount of information which – if only if could be easily accessed and cost-effectively managed – could provide new insights and new opportunities, both for them and their clients.

Despite the significant advances that banks have made elsewhere in their operations, relatively little use has been made of information contained in their own databases. This is set to change, as the volume of data created and collected accelerates significantly – some estimates suggest a sevenfold increase before the end of the decade.

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