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John Gower is an analyst for NerdWallet, a website analyzing data from thousands of financial institutions to help consumers find the best cd rates, checking accounts, credit cards and more. He wrote a great article for our blog about Big Data in Banking.
Read his blog here: http://emcien.com/guest-post-big-data-in-banking/
Here's an excerpt:
As pressure to innovate grows, banks are looking to Big Data to drive new processes, improve customer service, and better protect sensitive information. Falk Rieker, Global Vice President for Banking at SAP summarized the trend in a recent report: “In the past, banks have looked at data just as data — it was more or less a pain, of no value…They’re starting to change, they’re realizing that data is meaningful, as long as they can analyze it.”
How might Big Data be of value to financial institutions? Much of the potential value derives from two primary categories in which banks strive to achieve success.