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.

Featured Resources

Security analytics for your multi-cloud deployments

IBM Security QRadar SIEM solution brief

Download now

Five reasons to move to the cloud

Join the enterprises moving their workloads to the cloud

Download now

Architecting hybrid IT and edge for digital advantage

Why business leaders should consider a hybrid IT strategy

Download now

Six reasons to accelerate remote asset monitoring with AI

How to optimise resources, increase productivity, and grow profit margins with AI

Download now

Most Popular

How to build a CMS with React and Google Sheets
content management system (CMS)

How to build a CMS with React and Google Sheets

24 Feb 2021
Oxford University COVID lab falls victim to hackers
hacking

Oxford University COVID lab falls victim to hackers

26 Feb 2021
Npower shuts down app after hackers steal user data
hacking

Npower shuts down app after hackers steal user data

25 Feb 2021