Big Data is one of the most popular buzz words in the web analytics space and has been for some time now. The big trend every year for any bank should be data…not big data or small data, just right data. Once you identify the data elements that are needed then the hurdle becomes deciding how to use these components correctly to drive success with whatever your “data” initiative is at the time.
Jim Marous, a leading thought leader in bank marketing strategy writes, “There is no doubt that ‘big data‘ was overused and misunderstood as a term and underutilized as a tool in 2012. There is also little disagreement among industry leaders that banks will be aiming to use both structured and unstructured data more extensively in 2013 as the collecting, storage and processing capability becomes easier and less costly.”
Rod Witmond, SVP of rewards platform provider Cardlytics, emphasized the trend of utilizing data from the consumer perspective in 2013 but warned, “Big data can be incredibly insightful but, if it isn’t leveraged in a simple way that allows the consumer to maintain their current habits – or adds enough value that the consumer is willing to change their habits – the value of the big data will be lost because consumers don’t ‘try something new or different’ if what they have already is working.”
Big data is one thing, knowing what to do with it is another!