How Banks Successfully Leverage Data: They Don't Do It Alone

The mathematician Clive Humby famously said, "data is the new oil." Many in financial services agree with that assertion as they look at the mountains of data financial institutions have amassed. However, they struggle with finding ways to tap this new oil and turn it into profits. There isn't a simple process to extract data from disparate systems, refine it and develop a product for sale. Since Amazon, Netflix, Google, Apple, Facebook, and other big tech companies have successfully used data to personalize their products and drive innovation, financial institutions have focused on personalization as the main use case for data.