As the financial services industry becomes more digitally enabled the amount of data it collects continues to grow. But how can big data be used to transform banking? To create value for customers by tailoring additional services to specific needs? To use data to help customers make better decisions?
The challenge facing the banks continues to be how to use the growing quantity and types of data for propositions that add value for customers, and improve the customer experience.
There is an opportunity to shape the business and turn this abundance of data into actionable insight, in order to provide relevant offers and information to customers.
In ‘Banking on Big Data’, I explore whether the banking industry is positioned to take full advantage of this and whether this data will be used to benefit the providers, used to transform the customer experience or both.
Header image by Duncan Hull at flickr.com