What’s The Big Deal About Big Data?

Are financial institutions ready for big data? Is it really a big deal? Here are six different perspectives on big data from within the banking industry.

“We’re a believer in big data. I’m a believer in big data. I believe the data tells us something about our customers, that we ought to be able to then help meet a need they have by looking at how they’re interacting financially.”

— Nick Kieffer, Senior Vice President
Landmark Bank

“The power of the data is going to be able to really know where you are, what you’re doing, and proactively be able to recommend what would be a good decision on your part financially.”

— Jim Marous, Publisher, Retail Banking Strategies
The Financial Brand

“If we’re talking about super large amounts of data, even if it’s existing-type data, then I’m not so sure banks are going to use that, because that drives macro. If you know what millions and billions of consumers are doing on a daily basis, then maybe you can start to glean trends about where the market’s moving. But for the individual bank, what are they really going to do with that?”

— Ron Shevlin, Senior Analyst
Aite Group

“Frankly, I think a lot of marketers — unfortunately especially at the smaller and the mid-size institutions — are not up to speed on big data yet, so right now they need to be delivering the ground work to get to be able to utilize big data in the right kind of way.”

— Jen Joly, Senior Director/Marketing, Communications & Brand Management
BlueSpire Strategic Marketing

“It is going to be essential that credit unions and financial institutions really understand more about their customers and about what their needs are so that they can really go in and zero and target them, because going in with mobile and a lot of other digital avenues, it’s going to be essential that they are able to push the offer and to be able to talk to them as individuals, not just a mass of people.”

— Kim Mech, Director/Channel Sales & Marketing
Central 1 Credit Union

“I believe big data is what will deliver a humanized experience in a humanized digital economy, but many financial institutions are not even close to tapping into the vast insight that big data will provide. So, my recommendation is this: Start with small data, learn from the implementation of it, and then grow from there.”

— James Robert Lay, CEO
CU Grow

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