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Customer insights is the new currency for banks

Connie Leung, Senior Financial Services Industry Director, Asia, Microsoft | Dec. 16, 2014
Connie Leung of Microsoft discusses how a highly regulatory environment coupled with increasing competition is pushing banks to grow deposits and revenue streams by leveraging customer insights.

3.Start with "what if" scenarios and questions. Don't drive a business initiative by thinking about data management and what can be collected in an Enterprise Data Warehouse.Think about what insights are needed to properly assess a risk.

4. Begin with an easily-quantifiable, easily-manageable project that promises unique insights. Then, build on that success. Make sure that the data platform you're building on can scale as you expand the scope of your big data initiatives, both in terms of raw data processing power, analytics, and ability to surface insights in widely-used productivity and collaboration tools.

By using modern, cloud-based data analytics solutions, and analysis tools that allow business users to visualise and interpret information,risk managers and CMOs can combine legacy and on premise, cloud-based and third-party data into one, truly single source of truth that helps them deftly anticipate and mitigate risks as they emerge, and stay the course in fulfilling the company's vision.


[1]http://fatca.thomsonreuters.com/wp-content/uploads/2013/03/Basel-rules-and-FATCA-top-list-of-banks-worries-in-Asia.pdf

[2]http://www.weforum.org/reports/global-risks-2014-report

[3]http://www.celent.com/reports/how-big-big-data

 

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