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Practice paper

Capturing the value of data in banking

Allison Sagraves and Greg Connors
Applied Marketing Analytics: The Peer-Reviewed Journal, 2 (4), 304-311 (2016)
https://doi.org/10.69554/DVAK7152

Abstract

Data and analytics are nothing new — companies have been using data to run operations, analyse customer behaviour, optimise pricing and manage supply chains for decades. What is new is the pace of change and the degree and speed with which technology companies have reshaped the economy and disrupted industries. Data are at the heart of this new digital economy — and while banks have enormous amounts of data about their customers’ behaviours, banks have been slower to adopt data-driven cultures and maximise the value of this asset. This paper addresses both the internal and external barriers that banks have faced as the digital age has emerged over the past decade, and suggests ways in which banks’ investments in addressing regulatory and compliance issues to reduce risk can now be used to better serve customers, improve revenues and increase efficiency. Banks are in the early phase of generating value from data, and this paper highlights case studies of banks that have captured value through new uses of data. Further, banks must address the need for culture change to maximise the potential from data.

Keywords: Big Data; analytics; banking; customer insights; value of data; FinTech

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Author's Biography

Allison Sagraves is Chief Data Officer of a major US bank, and has more than 25 years of experience in financial services and consulting. Ms Sagraves has also worked for Barclays Bank, American Express and Deloitte, and served as a member of the White House staff. Ms Sagraves has an MBA from Harvard and a BA cum laude from Smith College. She is a frequent speaker on a range of business topics, a TEDx speaker, and her talk ‘Gravitas: The Leader’s Edge’ was named Best of 2014 by Ellevate Network. Ms Sagraves serves on several nonprofit boards in education and the arts.

Greg Connors is an award-winning writer, editor and blogger on business, sports, media and culture. He has been a writer and editor at the Boston Herald, the Newark Star-Ledger, and the Buffalo News. He is a graduate of the Medill School of Journalism at Northwestern University.

Citation

Sagraves, Allison and Connors, Greg (2016, November 5). Capturing the value of data in banking. In the Applied Marketing Analytics: The Peer-Reviewed Journal, Volume 2, Issue 4. https://doi.org/10.69554/DVAK7152.

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cover image, Applied Marketing Analytics: The Peer-Reviewed Journal
Applied Marketing Analytics: The Peer-Reviewed Journal
Volume 2 / Issue 4
© Henry Stewart
Publications LLP

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