IBM VP for industry analytics solutions Marc Andrews held a breakout session at the firm’s recent Insight 2015 conference and exhibition to talk about the real world implications, possibilities and applications for data analytics in the real world.
How Watson could help
IBM explains how its humongous Watson data analytics technologies could be applied in what it likes to call The Insight Economy.
Take an example in a bank… using more advanced analytics than previously ever really applied up until now, we can see how banks might be able to analyse user transactions to see what kind of lifestyle each customer leads and be able to:
a) Serve the customer better
b) Predict problematic circumstances better
NOTE: There is obviously a privacy factor here, but we will assume that the customer has agreed to whatever level of data sharing with the bank in this circumstance.
Banks and other financial institutions continue to expand their interest, and investments, in various areas of data management, data mining, and analytics. This opens up new opportunities to better understand and service their customers and members. And while large-scale data analytics solutions can certainly help, recent Mercator Advisory Group Banking Channels research shows that even relatively modest analytics initiatives can yield big benefits for both large and small institutions, and is often a good first step toward increased banking customer engagement.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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