How Alfa Bank is turning Big Data into big profits

Understanding the importance of Big Data and other digital technologies in the modern world, Alfa Bank has developed a strong digital strategy and become a leader in Big Data. To accomplish its digital- and data-related goals, Alfa Bank created its own data management and monetization center. The center, whose primary focus is on developing long-term relationships with consumers and increasing the number of clients, developed its Data Management Strategy for Creating Customer Value. The central idea behind the strategy is to use data to put consumers (not products) at the center of all decisions. To accomplish this, the bank placed on emphasis on using Big Data analytics properly. The end result of these efforts has been an increase in cross-sales profits and a sense among consumers that the bank is actively working to understand them (and not just inundate them with advertisements and messages).