2. Big Data
Data is being created at a pace unseen in the history of world prior to today. How banks can effectively capitalize on all of this wealth of data to serve existing customers and create new ones has been an ongoing point of debate in the industry.
Randy Packham, VP Financial Services Solutions for SAP, dealt with some of these issues during a session titled, "Data-Driven Strategy Done Right: Getting the accurate, actionable data that you need when you need it."
Packham noted that consumers are more informed than ever before, and their expectations of their banks are rising. Banks need to present relevant, timely offers and marketing messages to customers using data analytics.
However, Packham also warned banks to avoid what he called "the creepy factor" and not "freak them out" with the use of personal data.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio