Summary of Retail Banks and Big Data

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Retail Banks and Big Data summary
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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.

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



Bankers calculate the risks associated with credit, liquidity, collateral, markets and operations, among many other factors. Though they have long had systems to measure and mitigate some of these hazards, bank executives need to supplement their traditional risk-assessment methods, particularly as financial institutions become larger and more interconnected and offer more diverse, sophisticated services.

Big data presents new ways to evaluate risks in real time, thus allowing banks to alter their activities rapidly. Big data differs...

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