Large, global banks process billions of transactions across service offerings to a plethora of customers across demographics, daily. In order to sustain effective operations, they must adopt cutting-edge analytics that churn the petabytes of rich information into valuable insights.
As of today, most global banks are processing these petabytes of transactional data through legacy and modern databases that get downgraded through years of mergers and acquisitions. Therefore, migrating complete legacy and distributed data towards a robust storage solution that addresses current challenges and future requirements, marks the first step towards modernization.
As an increasing number of financial institutions are assessing ways to better understand and serve their customers and members, they are realizing the power – and importance — of analytics. While most FIs are already using data for reports and dashboards, many others are discovering the additional advantages that data management and customer and predictive analytics can offer, including identifying spending, savings, and investment trends and identifying likely future behaviors. These additional capabilities offer FIs the opportunity to better understand and serve their banking customers.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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