26 July, 2017
5 Banking Sectors Being Redefined By Big Data
As the big data revolution continues, the financial sector is poised to be the next to benefit. The banking sector is already sitting on a minefield of personal data like like spending habits, places and patterns of purchases. More importantly, the data is accessible and constantly updated.
Indeed, a recent Alacer group report revealed that US banks manage over one exabyte of data stored on their systems. How much is that? Think of all the information on over 275 billion (yes, you read that correctly) digital music players. This is also a good indicator of just how much personal information financial institutions know about each of us. But, don’t panic. All that data is going to strengthen the banks to benefit you in a number of ways in the near future.