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.
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