Big Data Is Useless Without a Big Strategy

All the best data analytics technology in the world isn’t helpful if bankers don’t know how to use it. Analytics tools that mine through data have become essential as banks look to give customers personalized, relevant communications and offers. But simply buying technology solutions isn’t enough; banks need to have the right people and processes in place and know what they want the data to do for them, some experts say. “Banks of all sizes will need to use predictive analytics going forward,” said Paul Schaus, president and chief executive of the consulting firm CCG Catalyst. “But there’s so much data they have access to, though, so they first need to define what data they are looking for and why. Without a clear data strategy, you can get overwhelmed by the sheer…


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