Will big data cause big problems?

摘要

Big data is the new gold in banking, but could it threaten the very foundations of the industry? High-powered computers that can process vast amounts of information, including unstructured data such as e-mails and social media, are having a huge impact on banking. First, by detecting many more patterns in the data than was previously possible, they are proving adept at fighting fraud. Second, using the same techniques they can do much more than simply credit score cus- tomers. They can map behaviours that both improve their lending but also allow them to sell additional products - by detecting, for example, when changes in lifestyle might warrant the offering of new savings accounts and mortgages. On the wholesale side, analysis of transactions data can provide business intelligence, such as where a company should open its next operation. This data can be sold as an additional client service.