Financial institutions’ path to digital dominance lies in their data
In the past few years, we’ve seen exponential growth in the availability of information. The amount of meaningful data created and the computing power available to process and store that data has consistently increased. By 2020, about 1.7 megabytes of new information for every human being on the planet will be created per second. Yet, some researchers suggest that less than 0.5% of all data is ever analyzed and used. In today’s competitive environment, financial services institutions must be hyper-focused on retaining their existing customers, and continually growing their customer base. This requires reliable insight into customer trends as well as historical data.