{"id":3679,"date":"2016-10-07T16:12:11","date_gmt":"2016-10-07T16:12:11","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/banks-need-to-become-lords-of-data\/"},"modified":"2017-12-25T09:47:52","modified_gmt":"2017-12-25T09:47:52","slug":"banks-need-to-become-lords-of-data","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/banks-need-to-become-lords-of-data\/","title":{"rendered":"Banks need to become Lords of Data"},"content":{"rendered":"<p>The simple fact is that banks are not currently good with data. When someone involved with technology talks about a single view of a customer, most banks laugh and believe this idea impossible. In fact, technology has recently proved that outmoded way of thinking is wrong.<\/p>\n<p>Think about when you search something in Google; it gives you suggestions based on your past searches and even shows you ads related to recent searches you\u2019ve made. The secret of Google, Amazon, Facebook, Apple (GAFA) and other companies able to do this and similar things is that they are clever with data, using predictive data analytics. The future is one where consumers don\u2019t think about payments and banking; it all just takes place around them. This digital identity completes all transactions on consumers\u2019 behalf and only requires intervention in specific, rare circumstances.<\/p>\n<p>Companies who can intelligently navigate the data of things \u2013 the internet of things \u2013 and provide good predictive analytics make consumers\u2019 worlds easier, and financial institutions need to get on board with this now or they risk not being a part of the future that the GAFA model is creating.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-3679 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Kazakhstani banks embracing open APIs'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/kazakhstani-banks-embracing-open-apis\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/kazakhstani-banks-embracing-open-apis-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12915\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12915'>\n\t\t\t\tKazakhstani banks embracing open APIs\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How machine vision can transform financial services'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-machine-vision-can-transform-financial-services\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/02\/how-machine-vision-can-transform-financial-services-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14538\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14538'>\n\t\t\t\tHow machine vision can transform financial services\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Banks Becoming \u201cMuseums of Technology\u201d'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/banks-becoming-museums-of-technology\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/07\/skyscrapers-from-low-angle-view_1359-5681-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17172\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17172'>\n\t\t\t\tBanks Becoming \u201cMuseums of Technology\u201d\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The simple fact is that banks are not currently good with data. When someone involved with technology talks about a single view of a customer, most banks laugh and believe this idea impossible. In fact, technology has recently proved that outmoded way of thinking is wrong. Think about when you search something in Google; it &hellip;<\/p>\n","protected":false},"author":1,"featured_media":7980,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[197,49],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3679"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=3679"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3679\/revisions"}],"predecessor-version":[{"id":7763,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3679\/revisions\/7763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/7980"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=3679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=3679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=3679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}