Banking & Payments Predictions 2020: Big Data


Blog #4           : Banking & Payments Predictions 2020: Big Data

Name               : Kathleen 蔣慧敏
Student ID      : D0726920
Source             :  https://www.verdict.co.uk/banking-big-data-predictions/
                As big data become more known, more and more industries are starting to make a good use of it. One of the industries are banking industries. Many reputable banks for example, BBVA, DBS, and La Caixa are transforming into a data-driven organization. It is predicted that big data will play a crucial role in establishing a variety of new business models and become a new method for boosting revenue by 2020.
GlobalData has identified some big data predictions, below are the lists of the top big data predictions:
·                 Big data predictions argue that IT systems cannot collect, store, and analyze the required data efficiently. As a result, the stability of the bank’s IT system will be threatened as a whole. Because of this, banks will have to continue elevating their storage and processing capacities. Also, banks will have to inspect their systems with big data, cloud, and core systems.
·                 Data pieces will inevitably give serious problems for banks. Therefore, centralizing a group of distinct types of datasets in one place as well as structured and unstructured data from proliferating channels are one of the ways to fix this problem. Not to mention that centralizing data into a small number of places can also increase cybersecurity risks.
·                 Banks will focus on their trust advantage in order to achieve a new role as data custodians so they will find ways to decrease their tech disadvantage.
·                 Banks will need a lot of help from big data in order to make trusted app for their customers. This is mainly because customers will have trust issues in giving personal information for certain purposes from banks’ activities.
As predicted above, I believe big data will be one of the most important thing to improve banks performance become more effective and efficient. Also, banks workers will have to pay attention to how big data works so that they can understand how to use it and explain the key points of their services to their customers. Hence, customers will not mind in sharing their personal data to the banks.

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