Opening the vaults: how banks could lead the way with big data
CapGemini suggests financial services firms could be among the big beneficiaries of big data. If they learn to use it

Missed opportunity
This might be a missed opportunity for the banks, but it offers lessons for wider business too especially, in the reasons banks are not making the best of their data.
Banks, too, face problems in extracting data from legacy systems, and moving it to their analytics platforms. The sheer volume of information supposedly, an advantage of big data is a barrier too. It takes too long to process.
CapGemini's research found that the biggest stumbling block to using data more effectively was the way that banks operated in silos, with each part of the organisation keeping a tight hold of its data. This, in turn, makes it harder to form that much-sought "360 degree" view of the customer.
Banks, too, face problems in extracting data from legacy systems, and moving it to their analytics platforms. The sheer volume of information supposedly, an advantage of big data is a barrier too. It takes too long to process.
Financial institutions also lack the skills to process and analyse these new, larger and broader data sets: 40 per cent of banks said skills were an issue.
To make better use of their data, CapGemini advices banks to move away from seeing "data as an IT asset to a key asset for decision making" and that they invest now in building up analytics skills. The result should be smarter and more customer-friendly banking and it is advice that applies outside the financial services sector too.
Stephen Pritchard is a contributing editor at IT Pro.
Security analytics for your multi-cloud deployments
IBM Security QRadar SIEM solution brief
Download nowFive reasons to move to the cloud
Join the enterprises moving their workloads to the cloud
Download nowArchitecting hybrid IT and edge for digital advantage
Why business leaders should consider a hybrid IT strategy
Download nowSix reasons to accelerate remote asset monitoring with AI
How to optimise resources, increase productivity, and grow profit margins with AI
Download now