How can Banks Maximize the Value oftheir Customer Data?

#digitaltransformation

of banking executives worldwide saycustomer centricity is importantto them

But only

analyze customers’share of wallet

of financial institutions inNorth America think that successfulbig data initiatives will definethe winners in the future

However, only

Inflexible legacy systems A large European Bank embarked on a big data projectto analyze a large amount of unstructured data

Big data requires new technologies andprocesses to

An average company seesa return of just

of bankers are cautious intheir use of big data due toprivacy issues

A recent security breach at aleading UK-based bank exposeddatabases of thousands of customerfiles

Embed analytics intocore business processes

Strive towards fullexecutive sponsorshipfor analytics initiatives

Develop and promote acompany-wide analyticsstrategy

Establish a well-definedrecruitment process toattract analytics talent

Consolidate disparate analyticsteams into an Analytics Centerof Excellence

Set up strategic partnershipsfor supplementary analytics skills

Build a robust data managementframework for the collection,storage and use of structuredand unstructured data

Graduate to predictive andprescriptive analytics that enablemore precise modeling ofcustomer behavior

Sources: 1. SAP and Bloomberg Businessweek Research Services, “Banks Betting Big on Big Data and Real-Time Customer Insight”, September 20132. Capgemini and EFMA, Retail Banking Voice of the Customer Survey, 20133. Microsoft and Celent, “How Big is Big Data: Big Data Usage and Attitudes among North American Financial Services Firms”, March 20134. Capgemini and the Economist Intelligence Unit, The Deciding Factor: Big Data and Decision-making, 20125. Computerworld UK, Deutsche Bank: Big data plans held back by legacy systems, February 20136. Finextra Research, Clear2Pay, NGDATA, “Monetizing Payments: Exploiting Mobile Wallets and Big Data”, 20137. Wikibon, “Enterprises Struggling to Derive Maximum Value from Big Data”, September 20138. Mail Online, “Exposed: Barclays account details for sale as 'gold mine' of up to 27,000 files is leaked in worst breach of bank data EVER”, February 2014

of banks havehands-on experiencewith live big dataimplementations

3/4 of banks do not have the rightresources to gain value from big data

Banks face the challenge of trainingend-users of big data, who may notbe data experts themselves

How can Banks Scale-up to the

Next Level of Customer Data Analytics?

70% 29%

90% 37%

Silos of Data Block a Single Customer View

The Skills and Development Gap Needs Closing

Lack of Strategic Focus: Big Data Viewed as Just Another ‘IT Project’

Privacy Concerns Limit the Adoption of Customer Data Analytics

Reach out: Interested in reading the full report? Head to http://www.capgemini-consulting.com/Big-Data-Customer-Analytics-in-Banks

Follow us on Twitter @capgeminiconsul or email dtri.in@capgemini.com

Faced difficulties in

and their integration withbig data systems

the extraction of datafrom legacy systems

Impede data integration

Prevent a singleview of the customer

STORE ORGANIZE RETRIEVE

55 centson every dollar that it spends on big data

large volumes ofstructured andunstructured data

Such incidents reinforceconcerns about data privacy

62%

Drive a Shift from a ‘Data as an IT-asset’ to a

Establish a Strong Data Management Framework for Big Data

Develop Analytics Talent with a Targeted Recruitment and Continual Training Programs

‘Data as a Key Asset for Decision-Making’ Culture

Banks have not fully exploited customer data

Why are Banks Unable to Exploit Big Data?

th

Big Data Alchemy