Big data and the data science revolution have spawned new technologies and analytical approaches that have changed the course of many businesses—and could change the course of the banking industry. In this O’Reilly report, Cornelia Lévy-Bencheton examines the effects of three landmark laws enacted since 2002, and how regulation has led banking away from the type of data-driven changes other industries are making.
Lévy-Bencheton explains that the financial services industry is a jerry-rigged patchwork of inelegant, kludged systems and incompatible, outdated technologies seriously needing overhaul. But the new regulations have made the industry risk-averse, leaving big data investments and other innovations low on the list priorities.
With this report, you’ll explore:
- Why banks need to create a data-driven culture and technologies matching the customer experience delivered elsewhere
- How staying competitive is a challenge that needs to be addressed through innovation within the industry, as well as with financial technology (FinTech) startups and accelerators
- Why spending that emphasizes compliance rather than technology is chronic in the banking industry and, ultimately, regressive