Chapter 1. Data, Money, and Regulation
Big Data and the data science revolution have spawned new technologies and analytical approaches—descriptive, predictive, and prescriptive—that can change the course of banking.
We now have technologies that let us make sense out of large volumes of data, structured and unstructured, even in real time, that allow integration from multiple, disparate sources to create a complete view of the business, a customer, a product, or an account. Ubiquitous computing and the digital age have ushered in progress that has not only enabled us to build things better and faster for less money but have transformed the way we live and work so that we can live and work better.
One wonders why the banking sector doesn’t seem to catch on. Or catch up. Rather, this industry continues to struggle with issues of business efficiency, reliability, and modernization. On the first page front and center of banking activity we continue to read news of rules, regulations, and reform. Rarely do we hear about invention, brilliance, or transformation.
In this report, we look behind the scenes of banking industry megatrends and discuss the following:
- Why banks need to create a data-driven culture and leverage big data technologies and data science matching the customer experience delivered elsewhere.
- How staying competitive is a challenge that must be addressed through innovation within and through FINTECH, startups, and accelerators without.
- Why, with disruption ...