Six AI and Big Data Trends in Banking for 2022

There's a reason it's called "big data." The growth in the volume of structured and unstructured information is exploding, literally exponentially, just as Moore's Law predicted. In fact, by 2025 there will be more than 180 zettabytes of data created and consumed worldwide, per Statista, helping to catapult the global data market to $103 billion by 2027. Since most banking products and services have become commodities, financial services executives are anxious to analyze even a tiny sliver of those zettabytes in order to differentiate themselves from competitors. As Capgemini puts it, banks and credit unions must evolve from capturing and managing data to using data to deliver hyper-relevant content, products and customized pricing based on customer and member behaviors, lifestyle, personality and preferences. Artificial intelligence (AI) applied to big data provides this range of insights.