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Retail Banks and Big Data
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Retail Banks and Big Data

Big Data as the Key to Better Risk Management

The Economist Intelligence Unit
EIU, 2014
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Editorial Rating

7

Recommendation

Much of the buzz about big data has focused on the obscure uses that companies such as Google, Uber or Apple make of their data hoards. But big data is important for other types of businesses as well. This Economist Intelligence Unit survey of financial executives reveals that bankers and risk professionals see great potential in big data for improving their risk management capabilities and for realizing bigger profits at less risk. Despite its lack of concrete examples and case studies, getAbstract recommends this survey of the current state of big data in banking to financial and risk management professionals.

Take-Aways

  • Big data presents bankers with new ways to evaluate risks in real time. Some 42% of banks surveyed already engage in big data analysis, and 47% intend to invest in this competency by 2017.
  • Big data pulls information from a broad array of sources, including online and call center transactions with customers; third-party suppliers such as credit bureaus; and mobile phones, Internet browsers and social media services.
  • On a macro scale, big data facilitates greater analysis of products and portfolios; at the micro level, it assists in better monitoring individual customers.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

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