Banks' big data dilemma

摘要

Banks are in a data dilemma. On the one hand the regulators want them to hold extensive data on clients and keep it forever as part of the drive against money laundering. On the other hand data protection laws require banks to get customers' consent to collect and store their data. A third challenge is that banking commentators, including The Banker, are often arguing that data is the way forward for banks. Having more of it, and using it better, is one way to enhance profits by better targeting of particular client groups for both banking products and those of third parties.