CHAPTER 3Data and Analytics Primer
SUMMARY
This chapter aims to provide a general introduction to the topic of data and analytics, and the following chapter looks more specifically at the use of analytics in the banking sector. The topic of data and analytics is not a new story and some readers will find it possible to work their way quickly through the generic parts of this section and move onto more ‘banking-specific’ analytical issues. For those coming to the topic relatively new, this section will hopefully provide a helpful foundation.
Beyond this, it recognises that there are parts of the banking industry that are already especially analytically orientated, particularly in the area of investment. Quantitative analysts (or ‘quants’) use data and analytics as their ‘bread and butter’ and for them there are already much more detailed texts. Perhaps they will also be interested in taking a broader view of their industry, especially as many of them have the right technical skills and competences to take their abilities to a broader future role. For some of these experts, the banking industry could prove to be their proverbial ‘oyster’.
The section also renews the emphasis on issues of location analytics, which tends not to be in the forefront of thinking but remains relevant in terms of customer, commercial opportunities and geopolitical risk, to name but a few elements of this category.
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