A Data Science Central Community
Financial services firms have found themselves the keepers of reams of valuable data in the midst of the Big Data revolution. While the collection of this data wasn’t entirely unplanned, its potential value far surpasses any expectations the collectors might have had. Hidden within that data are the secrets of how and why money moves. The winners in this shift will be the banks that can extract good information quickly and easily from their data and turn it into a benefit for themselves and their customers.
Banks and other financial institutions have affirmed the value of the data by continuing to collect and store it, but have yet to go much further in turning that data into some form of actionable information. Deriving the greatest value from this data is not an impossible endeavor, but it is a process that poses many challenges including regulatory issues, perception of privacy and security, and obtaining the people and resources necessary to extract meaning and relevance from the data.