Big Data

7004 Words Feb 10th, 2013 29 Pages
Banks, Big Data and High-Performance Analytics
Insights on Turning Big Data into Competitive Advantage

A selection of articles that appeared in Big Data = Big Gains, a special digital publication by Bank Systems & Technology

Table of Contents
Turning Big Data into Competitive Advantage . . . . . . . . . . . . . . . . . . . 1 Can Banks Play ‘Moneyball’? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 How to Ride the Big Data Wave . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 With Big Data Comes Great Responsibility (to Your Customers) . . . . 5 Mining for Gems: Analytic Insights from Big Data . . . . . . . .
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In addition to promising better and more profitable insight into
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www.banktech.com February 2012

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Katherine Burger, Editorial Director @kburger

customers, channels and risks, big data also is going to change the ways banks operate by breaking down organizational boundaries and forcing people out of their proverbial comfort zones. As McKinsey & Co. partner Allen L. Weinberg notes in a discussion of the competitive implications of big data featured in Bank Systems & Technology’s February digital issue, “It has to be the data scientists sitting with the business folks. ... It’s getting these people talking together and sharing across the data.” One reason why it’s so important to knock over the cultural obstacles that can detour efforts to seize big data’s promise is that the competition probably is on a parallel path. The irony of “Moneyball” is that while Billy Beane confronted skeptics in his own organization, executives of other teams (most notably the deep-pocketed Red Sox) embraced his vision and tactics. The A’s appear to have had a very small window of opportunity to capitalize on the team’s data advantage — with only 29 competitors in the major leagues. In the banking

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