Per my reading of this study, the main expectations that banks have for big-data technology are that it should:
Enable banks to tailor their offerings to the needs of individual customers
Improve bank trading strategies
Provide better insights into market dynamics and improve market research
Improve banks’ ability to react to internal and external issues
Speed up high-quality decision-making processes
Identify possibilities for revenue enhancement and cost reduction
No surprises there. The study also looks at regulatory demands for better data and faster reporting, so perhaps #7 should be specific to meeting and enhancing regulatory compliance.
What’s a study without a solution pitch?
Solution vendors have always used research to point out the obvious or latent need for their solutions. How else would you find in-memory computing listed as an important banking trend for the future, unless the sponsor suggested it in a multiple-choice answer?
So permit me the same opportunity.
Nomis works with banks across Europe, Africa, and North America to improve how they use data in a managed fashion across customer portfolios of deposits, loans, and mortgages. Banks clearly recognise the need to get support in technology and data science to execute banking and customer strategies; and many are partnering with us for this reason.
They are using Nomis solutions to:
Predict future customer behaviour and thus tailor customer solutions
Improve the bottom line
Provide management insights for strategy solutions
Provide answers to issues (and this may include regulatory issues)
Make faster decisions
Enhance balance sheet and P&L management
Does it work? It does. The last estimate I saw was that over the past number of years, Nomis has helped our customers improve bottom line performance at the portfolio level by and average of 17%.
Damian is a career banker with more than 25 years of experience. He spent most of his career with Bank of Ireland where he held a number of senior roles, including Head of Deposits and Current Accounts, Head of SME Banking and Head of Customer Management and Customer Analytics. At Nomis, Damian is Managing Director responsible for the APAC region.