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What will big data teach us?

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asked Apr 13, 2017 by Bruce (4,650 points)

1 Answer

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answered Apr 13, 2017 by Mark (4,640 points)
Once financial institutions convince customers to ditch paper statements, go digital and embrace cloud storage, they can use the digital experience to grow their business. For example, banks could use demographic data to market mortgage offers to people thinking about buying homes, adding those offers to electronic bank statements.

Wealth managers can use all manner of public data to build a more complete portrait of each customer and serve customers more effectively as a result. Incorporating data into digital marketing efforts boosts profits — when Amazon added personalized recommendations, its revenues grew 29 percent.

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