Banks in the new Wild West: agents of data

News and Trends in Financial Services

In the days of the Wild West, there was gold in the hills.  Today, it’s in the databases and onto another discussion of Big Data.This time it was over dinner and I began by outlining the case for the relevance of Big Data for Banks.

Much of this was covered in my last blog entry on said subject, although there was a little extra froth to the mix.

We began by talking about how banks have moved from a physical space to a remote relationship and, with this change, the fact that banks were originally safe protectors of cash in branches, as that’s where the money was; today, they have to be safe protectors of data online, as that’s where the money is.

But it’s not just about safe protection of data, but using data in three forms: for revenue, for risk and for advice.

View original post 16 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s