Will Big Data help plump the bottom line?
The marketing potential seems endless here, but it will obviously take some time for banks to see some real profits from Big Data analytics. Big banks have already begun, however, and new products to aid them in their quest for more structured data are on the way.
One such platform, Looop, should be available soon. The product, which was created by banking IT specialists, promises to help banks see “granular detail,” of customers’ credit card use. Once they learn how to use it effectively, banks may find that they need look no further for data than their own backyard.
The article Big Data and Big Banks: What’s the Big Deal? originally appeared on Fool.com and is written by Amanda Alix.
Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.