Although not a new concept, big data is now gaining the world’s attention like never before. Some call it the “new oil”, given its growing reputation as a valuable, largely untapped resource. Indeed, today we are seeing data being unleashed across many different walks of life, as a growing global consensus believes it could dramatically transform the way the world works.
If last year was any indication of what financial markets will look like in 2019, we are in for a very bumpy ride. Last December alone, the Dow Jones Industrial Average fell and rose more than 8 percent as finance experts struggled to make heads or tails of a bizarre political climate, unsteady interest rates and global tariffs.
The huge global increase in connectivity, prompted by the launch of mobile devices, has affected banks just as much as retailers. As a result, financial institutions have had no choice but to put digital at the front and centre of their strategies – using technology to enhance the customer journey at every touch point
Mainframe computers have enabled banks to manage huge amounts of financial data for nearly 70 years, but these legacy systems are today proving to be hindrances to progress. Lean fintechs are taking full advantage of today’s ground-breaking, agile technology, while established banks are struggling to transform their bedrock digital infrastructure for the new world. How are banks migrating to cutting-edge systems that will maintain them on their industry’s frontlines?
For banks, cloud computing appears to be the perfect answer to the growth of big data—and the necessity to manage and exploit it. This shared pool of information offers increased efficiency at lower cost, but adoption can be challenging for banks, with regulators expressing concerns especially regarding customer data protection. Fortunately, success is within reach through effective collaboration between banks, regulators and cloud providers.
Imagine you’re one of the nearly 40 million Tanzanians who live in a rural community. It would most likely take a day of your time and a considerable portion of your earnings just to travel to the nearest brick-and-mortar financial institution.
The banking sector is uniquely placed to offer a high level of customer service that could put it in the same category as retail, a largely acknowledged leader in customer service.
In an increasingly digital-dominated environment, customers are naturally looking for a seamless online experience, regardless of whether this experience relates to shopping, entertainment, education or banking. While bankers and other financial-services providers are clearly conscious of the importance of quality customer service, it seems they have a lot to do to improve it, according to experts.