DIGITAL BANKING Tips - Tip 27: Big Data

“BIG DATA” is one of the most famous Digitalization concepts in recent years, not only in financial landscape but also almost in all industries. Everyone talks about it and mentions how important it is, but except for a few, many do not know what to do with it. As the 90% of world’s data generated over the last two years and  has been getting bigger each and every second, using the Big Data in an efficient way is a very critical success factor for banking business. Considering that banks have been sitting on a data gold mine, we have substantial capacity to turn Big Data into knowledge that can be used to unlock new revenue opportunities.

Digitalization brought so many things into our lives, numbers have been flying around – we almost lost our sense of reality due to tremendous changes introduced into our lives. Let me explain you in this way: one of the greatest writers in history is W. Shakespeare’s (it was rumored that the guy has 15.000 words capacity when a typical English man spoke up to 1.000 words, while the elite ones used 3.000 in 1600s) all sonnets, poems, plays – when scanned, is around 5MB. This is quite less than a digital native youngster can produce less than a minute, isn’t it? Please do not get me wrong, we only compare in terms of data size, not content wise!

This is the short version of the post. 

Starting from Tip 2 to Tip 30 only short versions of my posts are available at Finextra. From Tip 31, full (long) versions of my posts can be read here.