Rapid Big Data analytics key to agile decision making
Failing to make quick use of data gathered can be one of the most crippling factors working against financial institutions today. July 23, 2013 | Timothy ShimSlow global economic recovery coupled with the double whammy of increased regulatory combined with greater compliance burden are causing financial institutions (FIs) to squeeze as much as they can out of every dollar they invest, desperately trying to reach that golden 40% cost-to income ratio. As they ramp up to launch big data and analytics business and technology strategies, it’s important for these FIs to keep in mind that it’s not just aging technology that is a challenge, but to recognize and treat seriously the significant risk that can be posed by blind execution of a potentially crippling strategy. Social media, for example is now commonly thought to now have reached a state where it is mature enough to be considered as a crucial marketing tool, but is it really the holy grail of your business? In a nutshell – Yes. Although it’s still an evolving channel, due to the virality of its nature, social media is one of the best places to find out about your customers. Not only that, but because of its openness, it can also be that ideal sandbox to find out about your competitors. Finding the right Big Data analytical tool is simply a matter of finding the right vendor Figure 1. Popular Big Data analytics vendors Even though many FIs have recognized this and are utilizing tools such as FaceBook and Twitter to reach out to their customers, even more still lag behind other industries when it comes to using these tools to understand their customers. Even worse, some are still struggling to define a formalized social media strategy. They key to overcoming this is not only gathering data through social media channels but also finding the right analytical tools for converting that data into strong, rapid decisions. Relying on outdated technology can result in wasted hours and days of sifting through mounds of raw data, compl... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Channels, Data & Analytics, Risk & Performance, Technology & OperationsChannels,Data & Analytics,Risk & Performance,technology, Channels,Data & Analytics,Risk & Performance,Technology & Operations, Keywords:Big Data, Social Media, FaceBook, Twitter, SAS, Jim Goodnight, Howard Rubin Big Data, Social Media, FaceBook, Twitter, SAS, Jim Goodnight, Howard Rubin
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