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Banks, Insurers Link Big Data with Marketing

Financial services industry still struggles to integrate Big Data

April 30, 2013

The varied issues surrounding the concept of Big Data remain something of a mystery to many marketers, and those working in the banking and financial sector are no exception. The research and consulting firm Celent conducted a survey of bank and insurance business and IT executives in North America in January 2013, and found that more than half of respondents from both sectors thought the promise of Big Data was overhyped.

Attitudes Toward Big Data According to Bank vs. Insurance Executives in North America, Jan 2013 (% of respondents in each group)

Nearly six in 10 from the banking sector thought that Big Data was simply a fashionable term for the data analysis the company was already doing, while three in 10 from the insurance sector felt the same. Still, 90% of respondents from both sectors thought that the adept use of Big Data would help financial services companies succeed in the future. For operators in the complex financial services sector, it seems that parsed data about business and customers can provide a competitive advantage.

Those working in both industries foresaw a stronger role for Big Data in marketing in particular. Three-quarters of banking executives and 80% of those in insurance already had, or expected to have, a Big Data marketing-related project in the works.

Areas Where Big Data Projects Are Being Conducted* According to Bank vs. Insurance Executives in North America, Jan 2013 (% of respondents in each group)

Marketers across industries perceive Big Data as something of a blessing and a curse, according to a Q1 2013 survey of marketers worldwide from CMO Council and SAS. It found that 61% of respondents thought of Big Data as part obstacle, part opportunity.

Big Data as an Obstacle or Opportunity for Their Company According to Marketers Worldwide, Q1 2013 (% of respondents)

Big Data presents a number of opportunities for marketers, but fully realizing them requires the allocation of substantial resources.

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