Big Data

Topics: Business intelligence, Data analysis, Data mining Pages: 22 (7013 words) Published: February 19, 2013
Banks, Big Data and High-Performance Analytics
Insights on Turning Big Data into Competitive Advantage

A selection of articles that appeared in Big Data = Big Gains, a special digital publication by Bank Systems & Technology

Table of Contents
Turning Big Data into Competitive Advantage . . . . . . . . . . . . . . . . . . . 1 Can Banks Play ‘Moneyball’? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 How to Ride the Big Data Wave . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 With Big Data Comes Great Responsibility (to Your Customers) . . . . 5 Mining for Gems: Analytic Insights from Big Data . . . . . . . . . . . . . . . . 8 Four Keys to Building an Analytical Workforce . . . . . . . . . . . . . . . . . 10

Banks, Big Data and High-Performance Analytics

Turning Big Data into Competitive Advantage
No industry stands to gain more from big data than banking. And if you haven’t started thinking about it yet, you had better get started – because many of your competitors already have. This collection of articles, which originally appeared in Bank Systems & Technology’s special digital publication Big Data = Big Gains, will give you some insight into the promise that big data holds for an industry still recovering from the turmoil of the financial crisis, and how you can turn that promise into better and more profitable insight into customers, channels and risks. We start off with “Can Banks Play ‘Moneyball’?” by Katherine Burger, Editorial Director for Bank Systems & Technology (BS&T). Burger’s editorial makes a solid case for banks to move outside their comfort zones by thinking differently about the business and opening up to the possibilities inherent in big data. Next, Keith Collins, Chief Technology Officer at SAS, talks about how SAS is helping its customers navigate the ever-rising volume, velocity and variety of data in “How to Ride the Big Data Wave.” “With Big Data Comes Great Responsibility (To Your Customers)” from BS&T’s Bryan Yurcan discusses how gleaning a deeper understanding of customer behavior from big data can lead to a greatly improved customer experience – and greater customer loyalty. David Wallace, Global Financial Services Marketing Manager at SAS, explains in “Mining for Gems: Analytic Insights from Big Data” how using predictive analytics to extract valuable insights from big data can lead institutions to success with customers, regulators and the market. We wrap it up with “4 Keys to Building an Analytical Workforce” by BS&T’s Olivia LaBarre, who shares highlights from a survey conducted by SAS and New York-based consulting firm Accenture in which participants were asked, among other things, how they planned to build a workforce equipped to compete in an increasingly data-driven industry.

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Can Banks Play ‘Moneyball’?
recently saw “Moneyball,” the film adaptation of Michael Lewis’s book about Oakland A’s GM Billy Beane and his determination to use data analysis as a competitive weapon in Major League Baseball. Not only was it a terrific movie, it was an entertaining reminder of how difficult it can be for tradition-bound organizations to effectively leverage their vast information resources. It’s not so much about adopting the technology (the movie Beane, played by Brad Pitt, hired a quant, played by Jonah Hill, to crunch the numbers) as it is about persuading people in the organization to think differently about their business. Beane/Pitt made no effort to hide his frustration with the tradition-bound baseball scouts who scoffed at his efforts to use data-based metrics for assembling a team that could win. And as he became increasingly convinced that a data-driven personnel strategy was the only way the A’s could survive, Beane/Pitt...
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