Analytics and BigData Driven Product Innovation, Revenue Generation in Retail Banking
Development and Advances in BigData mining could open up whole new frontiers in financial services such as Retail Banking. Over the last two decades, Digital Data connected to almost every industry had mounted up millions and billions of Information in Bits and Bytes about the world we live in today. The proliferation of the internet, smart phones and other devices had further fuel this data to various levels and companies and governments alike recognize the massive potential in using this information – also known as BigData – to drive real value for customers, and improve efficiency of their operations. Financial technology, or FinTech, applies to any innovation in the financial or banking fields including investments, retail banking, lending and many other segments. With the internet and mobile revolution FinTech has turbulently grown and BigData could transform businesses and economies, but the real game changer is data science.
Data science in Retail Banking goes beyond traditional statistics to extract actionable insights from information – not just the sort of information you might find in a spreadsheet, but everything from credit cards spending behavior, withdrawal patterns, inflow of cash and credit to bank accounts, consumer expenditure behavior, emails and phone calls to text, images, video, social media data streaming connected to retail banking services, GPS locations and computer logs.
In today’s ever changing Business Climate and Environment that is mainly driven by technology, 5th Annual Retail Banking Forum tiled as ‘#DIGITAIL’ scheduled to be held from 1st to 2nd June 2017 at Crowne Plaza Berlin, Germany is an ideal opportunity for Retail bankers to identify the core areas and technologies related to BigData and to light-up their future product innovation based on Data Science and Information Technologies.
For banks and both retail banks – in an era when banking is becoming commoditized – the mining of BigData provides a massive opportunity to stand out from the competition. Every banking transaction is a nugget of data, so the industry sits on gigantic stores of information and it is important to come up with services that have an economic value and are distinguishable in terms of their uniqueness or brand which become simple commodities in the eyes of the market or consumers to increase industry revenue.
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