Big data is quickly gaining recognition in the finance industry, yet many companies are moving forward without the necessary and essential planning or expertise. In fact, only 17% of banking executives surveyed believed they were well prepared to prioritize and implement key projects. Therefore, a firm that can take leverage their data intelligently can gain a competitive advantage.
This white paper outlines the key aspects of big data in the realm of banking and finance:
- There are many ways to make big money from big data: customer retention, targeted marketing, fraud reduction, and more.
- It is important to act now to be the first mover. Much of the industry is behind at present, but growing awareness and new regulations will level the playing field eventually.
- Companies that win will be those that best execute in five key areas: strategy, skills, process, systems, and data.