Data, Money, and Regulation

The Innovation Dilemma

Data, Money, and Regulation

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Big data and the data science revolution have spawned new technologies and analytical approaches that have changed the course of many businesses—and could change the course of the banking industry. In this O’Reilly report, Cornelia Lévy-Bencheton examines the effects of three landmark laws enacted since 2002, and how regulation has led banking away from the type of data-driven changes other industries are making.

Lévy-Bencheton explains that the financial services industry is a jerry-rigged patchwork of inelegant, kludged systems and incompatible, outdated technologies seriously needing overhaul. But the new regulations have made the industry risk-averse, leaving big data investments and other innovations low on the list priorities.

With this report, you’ll explore:

  • Why banks need to create a data-driven culture and technologies matching the customer experience delivered elsewhere
  • How staying competitive is a challenge that needs to be addressed through innovation within the industry, as well as with financial technology (FinTech) startups and accelerators
  • Why spending that emphasizes compliance rather than technology is chronic in the banking industry and, ultimately, regressive

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Cornelia Lévy-Bencheton

Cornelia Lévy-Bencheton

Cornelia Lévy-Bencheton is a communications strategy consultant and writer. Her prior work client-side in decision support, marketing and research informs her current consulting practice to help companies optimize business performance. As a data warrior, her conclusions are evidence-based. She brings data to life with insights, leveraging graphics and visualizations. Ms. Lévy-Bencheton has held senior marketing and strategy positions in well-known financial services firms, is currently on the Board of The Data Warehouse Institute, Tri-State Chapter, (TDWI) and the Board of the Financial Women's Association (FWA). She earned her MA from Stanford University, MBA from Pace University and holds several advanced certificates from New York University. Cornelia works with firms where the impact of disruptive technologies and associated cultural challenges open up new opportunities and necessitate refreshed strategies. She concentrates on social media, analytics, big data, business intelligence, performance management and collaborative networking.