Big Data and Data Analytics in the Banking Industry

November 25, 2016 | Dr. Stephen Timme

Big Data and Data Analytics in the Banking IndustryChallenges in the economy have proven especially impactful to the Banking industry, but perhaps not the biggest and certainly not the only challenge forcing the banking industry to reinvent itself in many ways. FinListics statistics tell us that on average, banks spend 6% of revenue on IT annually – which for a $1 billion company is $60 million per year.

But WHAT should they spend it on and WHERE will they get the most value for their spend? Recently, Tom Kadala, a freelance op-ed writer for business publications and also a consultant to Finlistics Solutions, released an article titled: “Disrupting the Banking Industry with Big Data and Data Analytics”.

The article covers a recent two-day event held in Atlanta called “Customer Insights & Analytics in Banking Summer 2013” where both bankers and big data service providers exchanged their best practices, ideas, and experiences. The article contains valuable insights for sales professionals targeting the banking and financial services industries. Kadala’s article highlights an emerging role that banks can play as keepers of transactional data. In the article, Kadala says “Banks that fully integrate their operational data with unstructured social media streams will become the game-changers to watch.” He believes that getting in front of this trend sooner than later is imperative. Some clients will be adapters, while others followers.

Which will your clients be? Can you offer them solutions that will help them take part in this new trend?

To read the complete article, go to http://researchpays.wordpress.com/2013/11/14/disrupting-the-banking-industry-with-big-data-and-data-analytics/

Posted in Executive Industry Insights, Selling Strategies

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