Is Big Data in the Financial Sector Just a Numbers Game?

Banking has historically been a very data-oriented industry, but there has recently been a significant push toward implementing “big data” strategies to refine processes and better understand customers.

I was fortunate enough to attend a recent IDC webinar that talked about this very topic, with a particular focus on how banks can adopt big data analytics and how this newfound surplus of information can be used in innovative ways.

Omni-channel interaction, hyper-personalization, and single-customer view are among the areas where data and analytics are enabling innovation.

“In-market adoption of big data and analytics has reached the point where the capabilities and applications these technologies enable are becoming mainstream for a growing number of financial services firms,” said Michael Versace, Global Research Director at IDC Financial Insights.

Big data analytics can help banking executives deal with a variety of business issues such as customer engagement, risk management, productivity, and shareholder profitability. This can provide banks a potential competitive advantage, which–let’s face it–is always well received in such a tough market.

Without doubt, mobility and big data are leading the technology needs in banking. When it comes to technology enablers, we tend to make a beeline to the CTO office.

In addressing some of the business imperatives mentioned above, and specifically relating to big data, we need to look beyond the world of IT executives. Why? Because data impacts beyond IT, and line of businesses in this sector are incredibly varied, very influential and need to be considered in bids.

With a coordinated technology lens we can help support global banks and enable them to “know their customer better.” Who wouldn’t want that?

If you are an IDC customer, watch the replay of the webcast here.

Click here to learn more about Avaya’s banking solutions.

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