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Data Divination: Big Data Strategies by Pam Baker

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CHAPTER 18USE CASES IN BANKING AND FINANCIAL SERVICES

Banking and other financial services institutions are a study in contradictions. On the one hand they traditionally excel at calculating and containing risks, which means of course that they generally excel at using data effectively. On the other hand, they’re not doing so well in using big data.

DEFINING THE PROBLEM

Big data tools are not so much the main problem for this group, although some are certainly struggling with those, rather they generally suffer from a “brain rut,” where their thinking on the various aspects of their business models, product lines, risk calculations, and investments is so deeply rooted in tradition that they often have difficulty branching out into more creative ...

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