The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Today’s digital economy is powered by data. In banking, the challenge is not collecting data - incumbents already have far more data on their customers than new entrants vying for market share. Instead, the challenge is deriving insights from it, as the volume, velocity, and variety of data generated places ever more strain on outdated legacy IT systems. Meanwhile, initiatives like open banking give incumbents less time to upgrade tech platforms, as data is more readily available to various players already set up to derive value from it. And the continual encroachment of tech companies, telcos, and new digital banks raises consumer demand for more personalized, contextual experiences. As such, many retail banks have come to see big data as the central - and most urgent - transformation imperative of digitization.
This report provides analysis of how big data will shape the future of the banking market. It analyzes this key theme in depth and explores how banks and financial institutions are reacting.
- The amount of digital data stored in the world grew relatively slowly until about 2010, at which point it took off exponentially. It is expected to record a compound annual growth rate (CAGR) of 26% between 2017 and 2022.
- Many incumbent banks are rethinking how data governance is structured, how roles are defined, and the kind of talents needed in senior leaders. Roles like chief data officer and chief privacy officer are being reconsidered as these issues move from largely compliance or marketing roles to addressing more strategic questions for financial institutions.
- The big data theme has been an important factor in a number of major acquisitions over the last few years, particularly in the application software and cloud services sectors.
Reasons To Buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as issues related to big data remain a key issue in the future.
- Be prepared for how big data will impact the banking industry over the next few years.