We are accustomed to a personalized experience with the companies we interact with digitally. Amazon tracks our previous orders, gives us the option of ordering again with “one click”, and recommends related products to buy along with the one we are purchasing. Uber and Lyft allow us to summon a ride remotely from a complete stranger in a matter of seconds. Netflix provides profiles for up to five individuals in our household, not to mention personalized recommendations for shows we may enjoy by utilizing our current and past viewing history.
Harnessing the power of structured (i.e. transactional) data is a challenge for all institutions, particularly those in the financial world. Yet, in an increasingly digital world, that amounts to table stakes. The amount of data being tracked worldwide is exponentiating 10X each year. This increase – which is largely unstructured (i.e. not transactional) data, requires large amounts of computing and AI power to make sense of it. Those organizations that can learn to manage, track, and effectively utilize the data at their disposal will be those that are able to compete and thrive in the future economy.
The following article provides some insights into the future of data, and how to position your organization to take full advantage of it.