Written by Oliver Allen

Homework #5

Big Data Brings Customer Challenges, Opportunities To Banks

By Bryan Yurcan, Bank Systems & Technology

February 10, 2012 10:59 AM

This article is about the McKinsey Global Institute, which estimates the US Banks and capital markets by collecting quintillion bytes of data. These companies have been collecting customer’s data for many years accumulating to a large amount of stored data. The information saved gives prime opportunity for the customers to have excellent experience and retention. Although this is very nice, there are many complications that come with this, and that is that they need a simpler way to access the right data since there is so much of it. Data comes in very little use if you do not use it or do not know how to use it. BBVA compass is a company developing tools to better use the to centralize its data and build master data sets. I believe this article is a power representation of what technology is taking in today, as they advance to higher and more advanced stages. With this new effort companies can now use large-scale master data sets to logically represent the information a customer my need within the bank. Financial services have been getting better due to this support, which I believe will help develop new “mining” aspects of finding better ways to keep and organize data. Data is the key success to helping companies in this day and age has developed into a more complex, as customer service is the key to some success in businesses. With more people thinking about customer service, a company can go from bad to popular in jus the change of how it helps customers through support and simplicity. A bank can accumulate a mass amount of data and what better way can a bank use this information without the help of a service software that organizes the data and how important it is. I believe this can advance the computer world far beyond benefiting just banks, as many major corporations need software to take data and analyze then process it within seconds. With new programs being built and created, more customer satisfaction will be created and companies will prosper.