Recently, I had the privilege of discussing The Big Deal About Big Data at the 2014 Louisiana Bankers Association Technology Conference. While the topic of Big Data historically has been discussed primarily in the halls of the marketing department, more and more, it is becoming a strategic focus across the organization. The reasons for that are many, but as always, the numbers tell the most convincing story.
60% of financial institutions in North America believe that big data analytics offers a significant competitive advantage and 90% think that successful big data initiatives will define the winners in the future.
(Capgemini, April 2014)
Big Data constitutes a competitive advantage for organizations, and everyone is jumping in on the game. The topic has loomed large on the radars of bank executives for the past year, and adoption rates are picking up. In a recent Microsoft/Celent poll, 37% of financial institutions responded that they have either implemented or are currently expanding their Big Data efforts. And of those banks with active Big Data strategies already in place, 25% are already working to expand their analytics.Continue reading >