In Age Of Big Data, Banks Face Tricky New Challenges

The current generation of bank CEOs are used to being called in front of congressional and parliamentary committees to explain themselves, so they can empathize with the recent spate of congressional testimonies from technology companies. Unfortunately, Accenture's Banking Technology Vision 2018 indicates that if they don't take action on how they manage data, bankers may have further opportunities to take out their best suits and head to whatever their country's version of Capitol Hill is. Like almost every other sector of the economy, banking sees data as the new oil – a valuable resource the best use of which will differentiate the winners from the losers. Accenture's survey of nearly 800 bankers finds that 84% increasingly use data to drive critical and automated decision-making. When the data is sourced internally, 94% of bankers are confident in its integrity.