infographic: big data alchemy
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This infographic is about how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back.TRANSCRIPT
How can Banks Maximize the Value of their Customer Data?
#digitaltransformation of banking executives worldwide say customer
centricity is important to them But only analyze customers share of
wallet of nancial institutions in North America think that
successful big data initiatives will dene the winners in the future
However, only Inexible legacy systems A large European Bank
embarked on a big data project to analyze a large amount of
unstructured data Big data requires new technologies and processes
to An average company sees a return of just of bankers are cautious
in their use of big data due to privacy issues A recent security
breach at a leading UK-based bank exposed databases of thousands of
customer les Embed analytics into core business processes Strive
towards full executive sponsorship for analytics initiatives
Develop and promote a company-wide analytics strategy Establish a
well-dened recruitment process to attract analytics talent
Consolidate disparate analytics teams into an Analytics Center of
Excellence Set up strategic partnerships for supplementary
analytics skills Build a robust data management framework for the
collection, storage and use of structured and unstructured data
Graduate to predictive and prescriptive analytics that enable more
precise modeling of customer behavior Sources: 1. SAP and Bloomberg
Businessweek Research Services, Banks Betting Big on Big Data and
Real-Time Customer Insight, September 2013 2. Capgemini and EFMA,
Retail Banking Voice of the Customer Survey, 2013 3. Microsoft and
Celent, How Big is Big Data: Big Data Usage and Attitudes among
North American Financial Services Firms, March 2013 4. Capgemini
and the Economist Intelligence Unit, The Deciding Factor: Big Data
and Decision-making, 2012 5. Computerworld UK, Deutsche Bank: Big
data plans held back by legacy systems, February 2013 6. Finextra
Research, Clear2Pay, NGDATA, Monetizing Payments: Exploiting Mobile
Wallets and Big Data, 2013 7. Wikibon, Enterprises Struggling to
Derive Maximum Value from Big Data, September 2013 8. Mail Online,
Exposed: Barclays account details for sale as 'gold mine' of up to
27,000 les is leaked in worst breach of bank data EVER, February
2014 of banks have hands-on experience with live big data
implementations 3/4 of banks do not have the right resources to
gain value from big data Banks face the challenge of training
end-users of big data, who may not be data experts themselves How
can Banks Scale-up to the Next Level of Customer Data Analytics?
70% 29% 90% 37% Silos of Data Block a Single Customer View The
Skills and Development Gap Needs Closing Lack of Strategic Focus:
Big Data Viewed as Just Another IT Project Privacy Concerns Limit
the Adoption of Customer Data Analytics Reach out: Interested in
reading the full report? Head to
http://www.capgemini-consulting.com/Big-Data-Customer-Analytics-in-Banks
Follow us on Twitter @capgeminiconsul or email
[email protected] Faced difculties in and their integration
with big data systems the extraction of data from legacy systems
Impede data integration Prevent a single view of the customer STORE
ORGANIZE RETRIEVE 55 cents on every dollar that it spends on big
data large volumes of structured and unstructured data Such
incidents reinforce concerns about data privacy 62% Drive a Shift
from a Data as an IT-asset to a Establish a Strong Data Management
Framework for Big Data Develop Analytics Talent with a Targeted
Recruitment and Continual Training Programs Data as a Key Asset for
Decision-Making Culture Banks have not fully exploited customer
data Why are Banks Unable to Exploit Big Data? th Big Data Alchemy