Banking industry has been analyzing structured information for many years, but the new growth now is in unstructured data. The way businesses want to look at and analyze data has been greatly influenced by consumer use of mobile devices and digital channels.
Internet and retail companies who are able to use data to engage in highly targeted marketing efforts, such as Amazon or Google, have raised customer expectations. This confluence of the new consumer experience and the desire for seeing real-time results on mobile devices have introduced new technologies to try and help financial institutions take advantage of their data better, like in-memory computing.
The faster a bank can analyze data, the better the predictive value of it and as a result the industry must move from batch to real-time processing.
As financial institutions grapple with evolving business landscapes and increased information demand, finding optimal ways to store, organize and monetize the ever-increasing crush of data they possess is of crucial import. How effectively banks can make better business decisions based on big data they process on a daily basis will be crucial for the industry going forward.
Ultimately faster data processing and sophisticated analytics are crucial for banks to achieve a 360-degree view of the customer, developing true relationship-based pricing, and answering the question.
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